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– Unfazed by Venezuela-Guyana territorial dispute since Exxon Mobil’s significant findBy Kiana Wilburg Canadian oil and gas company, CGX Energy Inc. announced on Friday that it has received an extension to its work commitments in the Corentyne Block in offshore Guyana of which it owns 100 percent.CGX Co-Chairman, Suresh Narine, Co-Chairman of the CompanyThis was revealed by Professor Suresh Narine, Co-Chairman of the Company.According to Dr. Narine, on Thursday, the company received approval to extend its spud (making the initial drilling for an oil well) deadlines on the Corentyne Block from October 31, 2015 to July 31, 2016 and an extension to the spud date deadline on the second commitment well from November 27, 2016 to November 27, 2017.These extensions Dr. Narine said, were granted to allow the Company to determine how best to explore the acreage, given recent positive developments in the basin related to the discovery of hydrocarbons.He said,Wholesale Jerseys Free Shipping, too,Cheap Jerseys Supply, that the company which holds two other blocks in Demerara and Berbice intends to drill another well in the Corentyne block.The scientist said that these extensions were requested because the Guyana – Suriname basin, deemed a “frontier basin” is an area where very few wells were drilled.He said, “Every time we drill a well offshore Guyana we are able to calibrate the seismic surveys to the benefit of ourselves and other operators.”In essence, Dr. Narine said that it allows CGX and other explorers to “look through the glass” a little less darkly.As regards the recent oil find by American company, ExxonMobil-in the Stabroek Block, the CGX Co-Chairman said that this is nothing but good news for his entity.He said, “We are very encouraged by the recent discovery by ExxonMobil on the Stabroek Block located approximately 120 miles offshore Guyana and immediately adjacent to the Corentyne Block. CGX Energy, being one of the longstanding operators in the basin, is delighted to affirm its continued commitment to Guyana and to exploration of the Guyana-Suriname Basin. This is an exciting time for Guyana and the Guyanese people.”While noting that CGX only operates in Guyana, he said that ExxonMobil has drilled the very same prospects that the Canadian firm has developed over the years.“In fact, we have been a proponent of the turronean geological play in Guyana alone for a long time. Both companies are targeting the same geological prospects. And so having Exxon prove what we have always said was a giant target is very exciting for us and the extension will allow us to take advantage of the learning that has taken place in the last year in the basin.”“It will allow us to fine-tune our well. We believe that it is the right thing to do because one of these wells can cost $150M, so when you plan for a shot on goal with something like that you want to ensure you have your best strategy deployed and that is why we are doing it,” Dr. Narine said.The scientist added “The second extension was requested because if we drill in July 2016 and a well takes between four to six months to properly drill, that will push us up against the November deadline of the second well requirement.”“When we hit in the first well, we will require a significant amount of time to assess the nature of the commerciality of the find and that will dictate how our next design is made. CGX views its activities in the basin as a clear partnership between government and the people of Guyana and so we attempt always to make joint decisions with government to ensure that we are positioning ourselves in the best possible way for the best possible results.”He said, too, “We are unfazed about some of the noise that has been going on lately.”Dr. Narine said that the company does not view the border claims from Venezuela to Guyana to be a matter of concern since Exxon Mobil’s find does not have a material impact on CGX’s acreage offshore Guyana.Dr. Narine then extended sincere and hearty congratulations to Exxon Mobil and its partners in their venture.“From a purely CGX perspective, this is indeed great news, given the proximity of Exxon Mobil’s Liza-1 well to our two offshore blocks (Corentyne and Demerara).? Our next planned well on our Corentyne basin targets and has always targeted, even before the Exxon discovery, similar geological objectives as did the Liza-1 well.”He added, “This discovery will now allow CGX and other companies in the basin to better calibrate their exploration efforts, and to a great extent reduces the exploration risk in the basin. This all will result in increased chances of other companies also finding hydrocarbons in their own acreages, and will result in increased exploration activity in the basin.? Overall, increase in exploration activity is good for the growth of the Guyana economy.”The scientist said that the Corenty