June 24, 2008

CGX retains former Petromin manager for onshore license

Business News Americas

Canada's CGX Energy (TSXV: OYL) has retained a consultant from Trinidad for the company's Berbice onshore and nearshore block in Guyana, company president and CEO Kerry Sully announced.

CGX formed ON Energy and incorporated the subsidiary in Guyana in 2003 for the 800,000-acre (323,749ha) block.

"We've retained a consultant out of Trinidad who used to be an exploration manager for [Trinidad state oil company] Petrotrin ," Sully said at CGX's annual and special shareholder meeting.

The consultant has suggested further inshore may be a good place to drill, said the executive, who added the block is not a focus at the moment, however. CGX currently is focused on advancing plans for its offshore licenses.

Work on Berbice has included the reinterpretation of aeromag data, the acquisition of geochem samples and the interpretation of 2D seismic, according to CGX's website.