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CGX Energy Announces Successful Injunction against Repsol
(TSX-V | OYL) TORONTO , Jan. 20, 2014 /CNW/ - CGX Energy Inc. (TSXV: OYL) (" CGX E...
About this update from Cgx Energy Inc.
[{"type":"text","content":"\n\n\n(TSX-V | OYL)\n\n\nTORONTO, Jan. 20, 2014 /CNW/ - CGX Energy Inc. (TSXV: OYL) (\"CGX Energy\" or the \"Company\") announced today that its wholly-owned subsidiary, CGX Resources Inc.\n (\"CGX Resources\"), obtained an injunction order from the Commercial Court of Guyana\n restraining Repsol Exploracion, S.A. (\"Repsol\") from proceeding with the 30% farm-out of the Kanuku petroleum\n prospecting license to RWE Dea AG pending the hearing and determination\n of the arbitration proceedings commenced by CGX Resources against\n Repsol.\n\n\nOn December 23, 2013, CGX Energy announced the commencement of an\n arbitration proceeding under the rules of the London Court of\n International Arbitration against Repsol in connection with the expiry\n of the petroleum prospecting license covering the Georgetown Block.\n\n\nDewi Jones, Chief Executive Officer of the Company, commented: \"CGX\n Energy is pleased with the decision of the Commercial Court and will\n continue to work towards protecting the interests of its shareholders\n by pursuing this claim against Repsol.\"\n\n\nProfessor Suresh Narine, Co-Chairman of the Company, added:  \"When the\n Georgetown Block partners decided to cease drilling and plug the Jaguar\n 1 well due to safety considerations, CGX Energy immediately indicated\n its intention to continue exploring the Georgetown Block because we\n strongly believe in its prospectivity, as we indeed strongly believe in\n the prospectivity of the Guyana-Suriname basin.  This latest step with\n the courts in Guyana seeks to further protect our shareholders' rights\n with regards to the results uncovered by the Jaguar 1 well.  CGX Energy\n has a long history of operating and in supporting law and order in the\n basin and this injunction is a significant endorsement of those who\n want to ensure an orderly functioning of the petroleum industry in\n Guyana as more players enter into the basin.\"\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\nNEITHER THE TSX VENTURE EXCHANGE NOR ITS REGULATION SERVICES PROVIDER\n (AS THAT TERM IS DEFINED IN THE POLICIES OF THE TSX VENTURE EXCHANGE)\n ACCEPTS RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THIS RELEASE.\n\n\nForward-Looking Statements: \nThis news r...