CGX Energy Announces Successful Injunction against Repsol
(TSX-V | OYL)
TORONTO, Jan. 20, 2014 /CNW/ - CGX Energy Inc. (TSXV: OYL) ("CGX Energy" or the "Company") announced today that its wholly-owned subsidiary, CGX Resources Inc. ("CGX Resources"), obtained an injunction order from the Commercial Court of Guyana restraining Repsol Exploracion, S.A. ("Repsol") from proceeding with the 30% farm-out of the Kanuku petroleum prospecting license to RWE Dea AG pending the hearing and determination of the arbitration proceedings commenced by CGX Resources against Repsol.
On December 23, 2013, CGX Energy announced the commencement of an arbitration proceeding under the rules of the London Court of International Arbitration against Repsol in connection with the expiry of the petroleum prospecting license covering the Georgetown Block.
Dewi Jones, Chief Executive Officer of the Company, commented: "CGX Energy is pleased with the decision of the Commercial Court and will continue to work towards protecting the interests of its shareholders by pursuing this claim against Repsol."
Professor Suresh Narine, Co-Chairman of the Company, added: "When the Georgetown Block partners decided to cease drilling and plug the Jaguar 1 well due to safety considerations, CGX Energy immediately indicated its intention to continue exploring the Georgetown Block because we strongly believe in its prospectivity, as we indeed strongly believe in the prospectivity of the Guyana-Suriname basin. This latest step with the courts in Guyana seeks to further protect our shareholders' rights with regards to the results uncovered by the Jaguar 1 well. CGX Energy has a long history of operating and in supporting law and order in the basin and this injunction is a significant endorsement of those who want to ensure an orderly functioning of the petroleum industry in Guyana as more players enter into the basin."
About CGX Energy
CGX Energy is a Canadian-based oil and gas exploration company focused on the exploration of oil in the Guyana-Suriname Basin.
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This news release contains forward-looking statements. Forward-looking statements are frequently characterized by words such as "plan", "expect", "project", "intend", "believe", anticipate", "estimate", "may", "will", "would", "potential", "proposed" and other similar words, or statements that certain events or conditions "may" or "will" occur in the future. These forward-looking statements are based on certain key expectations and assumptions made by CGX Energy. CGX Energy believes the expectations and assumptions on which it develops forward-looking statements are reasonable; however, undue reliance should not be placed on forward-looking statements as there can be no assurance they will prove to be correct. Since forward-looking statements address future events and conditions, by their very nature they involve inherent risks and uncertainties. Actual results could differ materially from those currently anticipated due to a number of factors and risks. In addition, other risks that may affect the forward-looking statements in this news release are outlined further in the Company's Annual Information Form dated June 10, 2013 filed on SEDAR at www.sedar.com.
The forward-looking statements contained in this news release are made as of the date hereof and CGX Energy undertakes no obligation to update publicly or revise any forward-looking statements or information, whether as a result of new information, future events or otherwise, unless so required by applicable securities laws.
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