CGX Energy announced on Monday that its newly installed Chief Financial Officer (CFO) George Davis has been replaced by Daniel Sanchez – currently head of the Corporate Consolidation and Reporting team at Frontera Energy Corporation, effective immediately.
Davis had been appointed CFO on July 5 but according to the company, he suddenly departed “due to personal reasons.”
“We are very pleased to have Daniel Sanchez appointed as our new Chief Financial Officer,” CGX said. “He is a skilled and experienced financial executive, and we look forward to his contributions as CGX moves forward with the Wei-1 drilling campaign. We wish George all the best and respect his decision to address his personal affairs,” said Professor Suresh Narine, Executive Co-Chairman of CGX.
CGX stated that Sanchez is an accounting professional with more than 18 years of experience in accounting and financial activities – including “extensive experience in consolidation of financial statements under International Financial Reporting Standards and financial reporting to the Toronto Stock Exchange in Canada.”
He also has expert knowledge in audit processes, internal control, accounting systems and business process analysis with more than 12 years of experience in the oil and gas industry.
The Wei-1 exploration well will be drilled in water depth of approximately 1,912 feet (583 metres) to a targeted total depth of 20,500 feet (6,248 metres) and will target Campanian and Santonian aged stacked channels in a western channel complex in the northern section of the Corentyne block. CGX said earlier this year that its previous discovery at Kawa-1 doubled the chances of a successful find at Wei-1 from 29% to 56%.
CGX is the operator of the Corentyne block with a 67% stake. Frontera holds the remaining 33%.
