Oil & Gas - Guyana - "YPF continues at the table" - CGX chief executive

By David Casallas?/?Business News Americas

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Argentina's expropriation of oil company YPF is not expected to impact drilling in Guyana, according to CGX Energy (TSX-V: OYL) CEO Kerry Sully.

CGX and YPF hold 25% and 30% stakes in offshore concession Georgetown along with Repsol (NYSE: REP) (15%) and Tullow Oil (30%). The Jaguar-1 well on the acreage was spud in February and will take 180 days to complete.

"YPF continues at the table very much as they have in the past. They probably have a little more independence than they had in the past," the CEO said in response to a question during a shareholders meeting.

On CGX's 100%-owned Corentyne offshore license, results from a 3D seismic campaign are in final interpretation, he added.

COO Michael Stockinger highlighted that work is underway to identify a well location on the Eagle Deep prospect (2.5Bb P50 resource estimate) with drilling planned for early next year and expected to take five to six months. CGX will go out for rig bids in the coming months, he added.

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Source: http://www.bnamericas.com/news/oilandgas/ypf-continues-at-the-table-cgx-chief-executive

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