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CGX Energy Inc V.OYL

Alternate Symbol(s):  CGXEF

CGX Energy Inc. is a Canada-based oil and gas exploration company. It is focused on the exploration of oil in the Guyana-Suriname Basin and the development of a deep-water port in Berbice, Guyana. The Company, through one of its subsidiaries, holds an interest in a Petroleum Prospecting Licence (PPL) and related Petroleum Agreement (PA) on the Corentyne block in the Guyana Basin, offshore Guyana. The Company, through its subsidiary Grand Canal Industrial Estates, is constructing the Berbice Deep Water Port. This facility, located on the eastern bank of the Berbice River, adjacent to and north of Crab Island in Region 6, Guyana, is being constructed on 30 acres with 400 m of river frontage. Its subsidiaries include CGX Resources Inc., GCIE Holdings Limited and CGX Energy Management Corp. It is the operator of the Corentyne block and holds a 27.48% working interest. Its Wei-1 exploration well is located west of the Kawa-1 discovery in the northern region of the Corentyne block.


TSXV:OYL - Post by User

Bullboard Posts
Post by jefft66on Jan 02, 2014 1:20pm
315 Views
Post# 22053211

Article

Article https://guyanachronicle.com/cgx-energy-inc-to-begin-arbitration-proceedings-against-repsol/

...The company said that over its more than 15-year history in the basin, it has always taken the principled approach to the resolution of crises – through amicable and legal means and in the current situation, the company sought first to approach Repsol to redress its transgression through dialogue and only when this was exhausted did the company progress to the step of legal arbitration.....

Under the joint operating agreement (JoA) between the consortium which had included YPF, Tullow, Repsol (15% ownership) and CGX (25% ownership), arbitration proceedings will be filed in London, UK. Repsol will have a certain period, governed by the terms of the JoA, to respond to the proceedings.

Not saying much
Bullboard Posts