CGX Energy Inc (CGXEF)

[Rk3]

Operational Update
The Company, through CGX Resources Inc. (“CRI”) as the operator of the Corentyne Block under a Joint Operating Agreement (“JOA”) with Frontera Energy Guyana Corp. (“FEGC”), contracted PGS Geophysical AS (“PGS”) to provide acquisition and processing of a full broadband marine 3D seismic survey over a northern segment of the Corentyne Block located offshore Guyana. The seismic acquisition was completed on November 2, 2019 and produced seismic data covering approximately 582 km2 of the northern portion of the Corentyne Block. PGS completed Time (PreStack Time Migration) and Depth (PreStack Depth Migration) processing of these data on June 5, 2020.
CRI has completed a preliminary evaluation of the recently processed 3D seismic data, and has identified two potentially highly prospective large channel sand reservoir complexes. These channel complexes are interpreted to contain multiple high potential leads located in the northern region of the Corentyne Block which is located in close proximity to the Stabroek Block offshore Guyana and Block 58 offshore Suriname. The Pluma and Haimara discoveries in the Stabroek Block are located approximately 2 and 8 miles, respectively from the border of the northern region of the Corentyne Block and the Maka Central, Kwakwasi-1 and Sapakara West discoveries in Block 58 are located approximately 7, 15 and 20 miles, respectively from the border of the northern region of the Corentyne Block.
The leads mapped in the Northern Corentyne Block are interpreted to be situated at the same geological horizons as the nearby significant discoveries already proven in the Stabroek Block and Block 58. Also, importantly the Northern Corentyne leads are interpreted to share the same proven hydrocarbon generating basin and intervals in which the current discoveries are located. These leads are primarily stratigraphic traps composed of sandstone accumulations and deemed to be analogous to many the discoveries already proven to be successful in the Guyana basin spanning both Guyana and Suriname.
Head Office
333 Bay Street, Suite 1100 Toronto, ON, Canada M5H 2R2 T 416.364.5569 F 416.360.7783
Toronto, Canada, Thursday August 6, 2020 - CGX Energy Inc. (“CGX Energy” or the “Company”) announced today the release of its unaudited condensed interim consolidated financial statements for the second quarter of 2020, together with its Management, Discussion and Analysis - Quarterly Highlights. These documents will be posted on the Company’s website at www

https://www.sedar.com/GetFile.do?lang=EN&docClass=8&issuerNo=00008921&issuerType=03&projectNo=03092993&docId=4774589