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CGX Energy Announces Order from High Court in Guyana - Upholding Injunction against Repsol
(TSX-V | OYL) TORONTO , Aug. 28, 2014 /CNW/ - CGX Energy Inc. (TSX-V - OYL) (" ...
About this update from Cgx Energy Inc.
[{"type":"text","content":"\n\n\n\n\n\n(TSX-V | OYL)\n\n\nTORONTO, Aug. 28, 2014 /CNW/ - CGX Energy Inc. (TSX-V - OYL) (\"CGX Energy\" or the \"Company\") announced today that CGX Resources Inc. (\"CGX Resources\"), a wholly-owned subsidiary of the Company, obtained an order from the\n High Court of the Supreme Court of Judicature in Guyana upholding the\n injunction from the Commercial Court of Guyana restraining Repsol\n Exploracion, S.A. (\"Repsol\") from proceeding with any proposed farm-out of the Kanuku petroleum\n prospecting license (the \"Kanuku PPL\") pending the hearing and determination of the arbitration proceedings\n commenced by CGX Resources against Repsol.\n\n\nThe Kanuku PPL covers substantially the same acreage as the Georgetown\n petroleum prospecting licence (the \"Georgetown PPL\") as illustrated in the map.\n\n\nProfessor Suresh Narine, Co-Chairman of the Company, commented:  \"We\n view this decision as strong support for CGX Energy's rights in the\n Kanuku PPL and as the next step to regaining our participating interest\n in the acreage.  A final resolution of this matter is in the best\n interests of not only CGX Energy, but also tangibly demonstrates the\n application of the rule of law in the very exciting Guyana-Suriname\n basin.  CGX Energy has drilled the most exploration wells in Guyana and\n has extensive knowledge of the Guyana-Suriname basin. Furthermore, we\n worked diligently to meet all of the obligations with respect to our\n 25% participating interest in the Georgetown PPL and will continue to\n do so in respect of all petroleum prospecting licences in which we\n participate.\"\n\n\nDewi Jones, Chief Executive Officer of the Company, added: \"Since 2012,\n CGX Energy has spent approximately U.S.$130 million in exploration in\n the Guyana-Suriname basin with approximately U.S.$40 million relating\n to the acreage now known as the Kanuku PPL. CGX's total spend in the\n Georgetown PPL since inception has been approximately U.S.$60 million.\n Given the significant investment already made in this petroleum\n prospecting licence, we are hopeful that this matter will be resolved\n quickly in the best interest of all parties and for the overall benefit\n of the continued exploration in the basin.\"\n\n\nAbout CGX Energy \n\n\nCGX Energy is a Canadian-based oil and gas exploration company focused\n on the expl...