Toronto based CGX Energy Inc., through its wholly owned subsidiary CGX Resources Inc. has entered into a definitive rig agreement with Rowan for the provision of rig services for the drilling of the Company’s Utakwaaka-1 well in its Corentyne block. Under the terms of the agreement, the Company has procured the use of an offshore jack-up drilling rig named the Ralph Coffman.
Professor Suresh Narine, Executive Chairman, commented: “With the announcement of a Joint Venture with Frontera Energy Corporation and the securing of Rowan’s Ralph Coffman offshore Jack Up Drilling Rig, CGX is on schedule to drill Utakwaaka-1 on or before November 2019. The Ralph Coffman is ideally suited to our well-design and we are delighted to secure this rig at a time when exploration activity on the shelf in the Guyana basin is significantly increasing.”
The Corentyne block contains 1,125,000 net acres offshore Guyana in shallow water, adjacent to the ExxonMobil-operated prolific Stabroek block which has encountered ten discoveries since May 2015. The Utakwaaka well is required to be drilled by November 27, 2019 with an additional exploration well to be drilled by November 27, 2022.
Ralph Coffman is a LeTourneau Workhorse 375 ft jackup buit at Vicksburg shipyard, Mississippi, in 2009. (Source: CGX Energy)