Project Profile
Location: Offshore Guyana
Area: 2.8 million acres
Reserves: 2.7 billion barrels
Start-up Year: 2013
The original Corentyne license comprises 2.8 million acres, 2.5 million acres of which are offshore and comprise 1.5 million acres on the Corentyne license and 1.0 million acres on the Corentyne Annex, and 3 million acres are onshore. Effective November 27, 2012, CGX transitioned to a new Corentyne petroleum agreement and petroleum prospecting license, renewable after four years for up to ten years. The new Corentyne license applies to the offshore portion of the original Corentyne license. Application has been made by CGX for new PA\'s to be issued for the Corentyne Annex and the onshore portion of the Corentyne license.
In January 2012, CGX completed an 1,160 sq km 3D seismic program to better image the up-dip limits of the Eagle Deep stratigraphic play at the Turonian and Campanian and obtained data on two Albian prospects, Crabwood and Kabukalli. The 3D seismic program was performed by Petroleum Geo-Services (PGS) utilising their dual-sensor GeoStreamer® technology and was completed under time and under budget. CGX has obtained two independent resource estimates on six of its 14 prospects and leads. The independent resource estimate by Gustavson Associates dated May 17, 2012 provides for a P50 resource estimate of 2.5 billion barrels for two targets – Eagle Upper Turonian and Lower Turonian. The independent resource estimate by DeGolyer and MacNaughton dated June 15, 2011 provided for a P50 resource estimate of 0.3 billion barrels for two targets. The Gustavson Report was prepared utilising the 3D seismic data acquired by Fugro-GeoTeam in 2008 and the DeGolyer and MacNaughton Report was prepared utilising the 2D seismic data acquired by Western Geophysical in 1999. The concession is found in an area of 2.3 million acres. Independent resource estimate by Gustavson Associates provides P50 resource estimate of 2.7 billion barrels for four targets:
Uphole Tertiary Targets:
Eagle — 545 million bbl potential
Wishbone — 439 million bbl potential
Cretaceous Basin Floor Fan Targets:
Eagle Deep West — 859 million bbl potential
Eagle Deep East — 904 million bbl potential
Anomalous seismic feature on western Annex. The original Corentyne license has an expiry date of June 24, 2013. Under the terms of the new Corentyne offshore license, CGX has a commitment to drill two wells in the first four years.
Operators:
CGX Energy: Operator with 100% interest
Contractor:
Diamond Offshore Drilling: Drilling contractor
Gustavson Associates: Reserves estimate
Petroleum Geo-Services (PGS): 3D marine seismic