Business
CGX Energy Commences Arbitration Proceedings against Repsol
TORONTO , Dec. 23, 2013 /CNW/ - CGX Energy Inc. (TSX:V - OYL) (" CGX Energy " or the " C...
About this update from Cgx Energy Inc.
[{"type":"text","content":"\n\n\nTORONTO, Dec. 23, 2013 /CNW/ - CGX Energy Inc. (TSX:V - OYL) (\"CGX Energy\" or the \"Company\") announced today that it will commence arbitration proceedings against\n Repsol Exploracion, S.A. (\"Repsol\") in connection with the expiry of the petroleum prospecting license\n covering the Georgetown Block (the \"Georgetown PPL\").\n\n\nThe Company is of the view that the terms of the joint operating\n agreement governing the Georgetown Block were still in effect when\n Repsol allowed the Georgetown PPL to expire and sought out a new\n petroleum prospecting license covering virtually identical acreage\n offshore in Guyana, which is now known as the Kanuku petroleum\n prospecting license.  Furthermore, Repsol was aware of CGX Energy's\n continued interest in the Georgetown PPL and had an obligation to seek\n renewal of the Georgetown PPL alongside CGX Energy.\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 press release contains forward-looking statements. Forward-looking\n statements are frequently characterized by words such as \"plan\",\n \"expect\", \"project\", \"intend\", \"believe\", anticipate\", \"estimate\",\n \"may\", \"will\", \"would\", \"potential\", \"proposed\" and other similar\n words, or statements that certain events or conditions \"may\" or \"will\"\n occur in the future. These forward-looking statements are based on\n certain key expectations and assumptions made by CGX. CGX believes the\n expectations and assumptions on which it develops forward-looking\n statements are reasonable; however, undue reliance should not be placed\n on forward-looking statements as there can be no assurance they will\n prove to be correct. Since forward-looking statements address future\n events and conditions, by their very nature they involve inherent risks\n and uncertainties. Actual results could differ materially from those\n currently anticipated due to a number of factors and risks. In\n addition, other risks that may affect the forward-looking statemen...