Hydrocarbon Exploration on the Demerara License

The Demerara License (formerly the Annex License) comprises approximately 1.0 million acres (3,975 square kilometres) offshore Guyana.

CGX has 3,400 sq. km of vintage seismic data on the Demerara which was acquired prior to 1998. After processing about 250 km, CGX has identified two leads—a toe thrust on line 31 and an amplitude lead on the intersection of line 4 and line 25. New 3D seismic will be required to advance these targets to drillable stage.
The Demerara License was issued effective February 12, 2013 and is renewable after four years for up to ten years. During the initial period of four years, CGX has an obligation to conduct a 3D seismic survey comprising a minimum of 1,000 square kilometres and to drill one exploration well.