DEC-18-2017:CGX Announces Successful Renegotiation of its...Congratulations to all who stayed in the game. Debt restructuring next issue that needs to be resolved...
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CGX Announces Successful Renegotiation of its Work Commitments on the Corentyne, Demerara and Berbice Petroleum Prospecting Licenses in Guyana
TORONTO, 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.
The new work commitments are:
| Corentyne Block | - drill an exploration well by November 27, 2019
- acquire additional seismic or conduct seismic reprocessing by November 27, 2020
- drill an exploration well by November 27, 2022
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| Demerara Block | - complete any additional data processing and planning, and secure all regulatory approvals for the drilling of an exploration well by February 12, 2020
- drill an exploration well by February 12, 2021
- drill an exploration well by February 12, 2023
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| Berbice Block | - complete 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
- complete the seismic program and complete all processing and interpretation of data by August 12, 2021
- drill an exploration well by February 12, 2023
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Professor 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 eager to pursue the new work commitments in this exciting Guyana basin, and in so doing continue our unbroken commitment to the basin, the Guyanese people and its Government for more than 18 years."