Business
CGX Energy Announces Drilling Rig LOI with INPEX and Japan Drilling Co., Ltd.
(TSX-V | OYL) TORONTO , June 2, 2014 /CNW/ - CGX Energy Inc. (TSX-V - OYL) (" CGX ...
About this update from Cgx Energy Inc.
[{"type":"text","content":"\n\n\n(TSX-V | OYL)\n\n\nTORONTO, June 2, 2014 /CNW/ - CGX Energy Inc. (TSX-V - OYL) (\"CGX Energy\" or the \"Company\") is pleased to announce that it has entered into a binding letter of\n intent (\"LOI\") with Teikoku Oil (Suriname) Co., Ltd., a wholly-owned subsidiary of\n INPEX Corporation (\"INPEX\" and CGX Energy, the \"Rig Sharing Group\"), and Japan Drilling Co., Ltd. (\"JDC\"), for use of the jack-up drilling rig known as the \"Hakuryu-12\" rig.\n\n\nThe LOI forms the basis of the definitive rig agreements between JDC and\n each of the members of the Rig Sharing Group.  The members of the Rig\n Sharing Group are required to enter into definitive rig agreements with\n JDC in order to reduce mobilization and demobilization costs.  The\n Hakuryu-12 rig will be delivered to Trinidad between April 1, 2015 and\n May 1, 2015.\n\n\nDewi Jones, Chief Executive Officer of the Company, commented:  \"This\n LOI represents the next step in drilling at our 100% owned Corentyne\n Block.  Being a part of the Rig Sharing Group means that CGX Energy\n will benefit from significantly reduced mobilization and demobilization\n costs typically associated with offshore drilling. The Hakuryu-12 rig\n is a jack-up rig that fits the Company's well design specifications.\"\n\n\nAbout CGX Energy\n\n\nCGX Energy is a Canadian-based oil and gas exploration company focused\n on the exploration of oil in the Guyana-Suriname Basin.\n\n\nAbout INPEX:\n\n\nINPEX is the largest Japanese oil & gas exploration and production\n company that ranks high among the mid-tier international oil and gas\n E&P companies (independents). INPEX is currently carrying out more than\n 70 oil and natural gas projects across 28 countries, including two\n large scale LNG project, Ichthys LNG Project in Australia and Abadi LNG\n Project in Indonesia as the Operator. INPEX aims to become a top class\n international oil & gas exploration and production company through\n sustainable growth in the oil and gas development business. With\n natural gas as the core of our business, INPEX will grow into an\n integrated energy company by making contributions to a stable energy\n supply to broader communities.\n\n\nAbout JDC:\n\n\nJDC is Japan's sole offshore drilling contractor, and has been providing\n quality drilling services for more than 40 years. I...