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CGX Announces Successful Renegotiation of its Work Commitments on the Corentyne, Demerara and Berbice Petroleum Prospecting Licenses in Guyana
CGX Announces Successful Renegotiation of its Work Commitments on the Corentyne, Demerara ...
About this update from Cgx Energy Inc.
[{"type":"text","content":"\n\n\n\nCGX Announces Successful Renegotiation of its Work Commitments on the Corentyne, Demerara and Berbice Petroleum Prospecting Licenses in Guyana\n\n/* Style Definitions */\nspan.prnews_span\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\na.prnews_a\n{\ncolor:blue;\n}\nli.prnews_li\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\np.prnews_p\n{\nfont-size:0.62em;\nfont-family:\"Arial\";\ncolor:black;\nmargin:0in;\n}\n.prngen2{\nBORDER-BOTTOM:black 1pt solid; BORDER-LEFT:black 1pt solid; PADDING-LEFT:0.50em; PADDING-RIGHT:0.50em; VERTICAL-ALIGN: TOP; BORDER-TOP:black 1pt solid; BORDER-RIGHT:black 1pt solid\n}\n.prntbls{\nBORDER-BOTTOM: black 1px solid; BORDER-LEFT: black 1px solid; BORDER-COLLAPSE: collapse; BORDER-TOP: black 1px solid; BORDER-RIGHT: black 1px solid\n}\n\n\n\n\n\n\n\nCanada NewsWire\nTORONTO, Dec. 18, 2017\n\n\n\nTORONTO, Dec. 18, 2017 /CNW/ - CGX Energy Inc. (TSX-V - OYL) (\"CGX\" or the \"Company\") announces that it has successfully renegotiated its work commitments for the Demerara, Corentyne and Berbice Petroleum Prospecting Licenses with the Government of Guyana. As part of the renegotiation, the Company has also agreed to relinquish 25% of the acreage of both the Corentyne and Demerara blocks to the Government of Guyana.  \n\nThe new work commitments are:\n\n\n\n\nCorentyne Block\n\n\n\ndrill an exploration well by November 27, 2019 \nacquire additional seismic or conduct seismic reprocessing by November 27, 2020 \ndrill an exploration well by November 27, 2022\n\n\nDemerara Block\n\n\n\ncomplete any additional data processing and planning, and secure all regulatory approvals for the drilling of an exploration well by February 12, 2020 \ndrill an exploration well by February 12, 2021 \ndrill an exploration well by February 12, 2023\n\n\nBerbice Block\n\n\n\ncomplete a geochemical survey of a minimum area of 120 square kilometers and commence a seismic program defined by the aforementioned geochemical survey by February 12, 2020 \ncomplete the seismic program and complete all processing and interpretation of data by August 12, 2021 \ndrill an exploration well by February 12, 2023\n \n\nProfessor Suresh Narine, Chairman and Executive Director (Guyana) commented: \"CGX Energy thanks the Government of Guyana for its continued partnership and support; we as a company are e...