Executive Chairman and Director of CGX Energy Inc., Professor Suresh Narine, has disclosed that the company finally completed its seismic acquisition campaign on the northern section of the Corentyne Block on time and within budget.
With the completion of this seismic acquisition, Professor Narine said that the Company now has access to high-quality 3D seismic data over the majority area of both the Corentyne and Demerara Blocks. He said that this data set will greatly enhance the geological understanding of the blocks and positions the company for further development and de-risking of future exploration prospects.
Additionally, Professor Narine said that the proximity of the Demerara and Corentyne Blocks to adjacent discoveries on the Orinduik and Stabroek Blocks further de-risks CGX’s exploration prospects on its Blocks. He said that this trajectory positions CGX for the drilling of back-to-back exploration wells on its Demerara and Corentyne Licenses in 2020.
Furthermore, Professor Narine noted the appointment of Dr. Hermann Tribukait as an Independent Director to the Board of Directors, effective November 7, 2019. He was in high praise of Dr. Tribukait’s appointment who he said brings an international reputation in public-private partnerships and impeccable credentials in finance and economics to the CGX Board.
This news agency also understands that CGX intends on holding a special meeting of shareholders in the near future to appoint Mr. Gabriel de Alba to the Company’s board of directors. Mr. de Alba is the current Chairman of the Board of Frontera Energy which is a partner with CGX on its two Guyana blocks.
Professor Narine said that the nomination of Mr. Gabriel de Alba to the board of directors of CGX is timely and hugely impactful to the Company’s overall reputation and leadership, particularly related to raising working capital, financial management, and growth strategy.
Professor Narine also said that Mr. de Alba will bring a wealth of experience and accomplishment in global markets and operational stewardship of a diverse portfolio of companies to the CGX Board.
He said, “I consider his willingness to join the CGX Board of Directors an endorsement of the promise and potential of the central value proposition of CGX and I am certain that his leadership, personal integrity and business acumen will be transformative to CGX.”