That's two onshore dusters in a row for CGX. No oil, because the oil is sitting offshore at a place called Matamata. July 25, 2005
Hermitage Well Abandoned--Gas Shows Encouraging...Albion Next
Toronto, Ontario - CGX Energy Inc. (OYL.U - TSX-V) and its 62% Guyanese subsidiary ON Energy Inc. (“ON”) report that its Hermitage well, located onshore Guyana, was drilled to a depth of 6,337 feet. The well encountered significant gas shows in the lower section of the hole, however after evaluating the petrophysical well logs, a decision was made on Sunday morning to abandon the well due to poor reservoir rock quality and modest thickness of reservoir. This was the second well of the current drill program. During the next week, the well will be abandoned, and the drill equipment moved to Albion, our best defined prospect with a target depth of approximately 6,200 feet.
CGX Energy is a Canadian-based oil and gas exploration company focused on the exploration for oil in the Guyana. CGX is managed by a team of experienced oil and gas and finance professionals from Canada, U.S.A. and the UK. CGX is financed internationally and has thousands of shareholders worldwide. For further information please contact: Kerry Sully, President & CEO at (604) 733-9647, Charlotte May, Investor Relations at (416) 364-3353 or Denis Clement, Director at (416) 364-1909 or visit our website at www.cgxenergy.com.
HDR Price at posting:
0.0¢ Sentiment: None Disclosure: Not Held
