Berbice Block

There is strong evidence that oil has migrated onto the onshore Guyana Berbice Block and has been trapped. This is supported by the presence of the Tambaredjo/Calcutta onshore heavy oilfields in coastal Suriname. The source for oil found in the Tambaredjo is the same as that of offshore wells in the Basin indicating long-distance migration onto the Berbice Block. Additionally, there are numerous reported oil and gas seeps in onshore Guyana. There has been pay on logs and oil shows in cuttings from Berbice wells drilled by ON Energy Inc. Large structures and stratigraphic changes on Berbice provide hydrocarbon traps. There is strong evidence that these traps are well positioned to be filled with hydrocarbons that have migrated to onshore Guyana. Herein, CGX continues to mature a robust prospect inventory over these trends for possible drilling.

CGX’s 62% owned subsidiary, ON Energy Inc., has previously drilled 3 wells on the block and acquired 17 2D seismic lines along with an aeromagnetic and gravity survey. To augment these data, CGX conducted a Geochemical Soil Survey in late 2018.