Canadian company drills for oil.(GUYANA)(Brief Article)

0 Comments | Caribbean Update, June, 2005

CANADIAN COMPANY DRILLS FOR OIL. CGX Energy, a Canadian oil company, is to begin drilling in one of the world's largest remaining oil basins, Guyanan officials said, reports AFP (May 9, 2005). The Guyana Geology and Mines Commission confirmed that the oil exploration rig arrived in Guyana from Trinidad.

"Once we have the rig offloaded, it will take three to four days to transport and setup," said CGX Energy spokeswoman Charlotte May. CGX Energy President Kerry Sully, said the company plans to drill four wells in the area, at a dryhole cost of about US$5.2 million, with a maximum target depth ranging from 4,000 feet to 6,200 feet. Drilling was scheduled to have started last October but a violent hurricane season in the Caribbean and Guyana's devastating flood in...