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Offshore
| Georgetown Licence |
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In
June 2002, we acquired a 25% interest from AGIP in the 2.8 million-acre
Georgetown Licence |
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The
Licence is subject to a Confidentiality Agreement with Repsol, but
the term, work program and fiscal regime is similar to our Corentyne
Licence |
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On September 9, 2008, CGX announced that YPF Guyana Ltd., a subsidiary of Repsol YPF, operator, awarded a 1,650 sq km 3-D seismic contract for the Georgetown License - for additional information, please see CGX Confirms 3D Seismic Program for Georgetown |
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3-D seismic program commenced offshore October 14, 2008 |
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On November 12, 2008, Tullow announced that it had reached an agreement with the YPF Group to farm-in for a 30% working interest on the Georgetown Block |
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On January 22, 2009, the 3-D seismic program was completed on time and on budget. The program was expanded to 1,839 sq km |
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On January 7, 2010, parties to the Georgetown Licence, being Repsol Exploración S.A. (15%), YPF Guyana Limited (30%), Tullow Guyana BV (30%) and CGX Resources committed to a Second Renewal Period. As required under the Georgetown PPL, approximately 30% of the area under licence has been relinquished back to the Government. |
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During the Second Renewal Period there is a minimum work commitment for one exploration well. Processing and interpretation of the recently acquired 1,839 sq km 3D seismic is well advanced for the selection of the location for the commitment well. |
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