(TSX-V | OYL)
TORONTO, June 2, 2014 /CNW/ - CGX Energy Inc. (TSX-V - OYL) ("CGX Energy" or the "Company") is pleased to announce that it has entered into a binding letter of
intent ("LOI") with Teikoku Oil (Suriname) Co., Ltd., a wholly-owned subsidiary of
INPEX Corporation ("INPEX" and CGX Energy, the "Rig Sharing Group"), and Japan Drilling Co., Ltd. ("JDC"), for use of the jack-up drilling rig known as the "Hakuryu-12" rig.
The LOI forms the basis of the definitive rig agreements between JDC and
each of the members of the Rig Sharing Group. The members of the Rig
Sharing Group are required to enter into definitive rig agreements with
JDC in order to reduce mobilization and demobilization costs. The
Hakuryu-12 rig will be delivered to Trinidad between April 1, 2015 and
May 1, 2015.
Dewi Jones, Chief Executive Officer of the Company, commented: "This
LOI represents the next step in drilling at our 100% owned Corentyne
Block. Being a part of the Rig Sharing Group means that CGX Energy
will benefit from significantly reduced mobilization and demobilization
costs typically associated with offshore drilling. The Hakuryu-12 rig
is a jack-up rig that fits the Company's well design specifications."
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.
INPEX is the largest Japanese oil & gas exploration and production
company that ranks high among the mid-tier international oil and gas
E&P companies (independents). INPEX is currently carrying out more than
70 oil and natural gas projects across 28 countries, including two
large scale LNG project, Ichthys LNG Project in Australia and Abadi LNG
Project in Indonesia as the Operator. INPEX aims to become a top class
international oil & gas exploration and production company through
sustainable growth in the oil and gas development business. With
natural gas as the core of our business, INPEX will grow into an
integrated energy company by making contributions to a stable energy
supply to broader communities.
JDC is Japan's sole offshore drilling contractor, and has been providing
quality drilling services for more than 40 years. In addition to
offshore drilling services, JDC provides Engineering Services, and R&D
in relation to offshore drilling as well as oil and gas exploration and
development, and also Horizontal Directional Drilling (HDD) services.
NEITHER THE TSX VENTURE EXCHANGE NOR ITS REGULATION SERVICES PROVIDER
(AS THAT TERM IS DEFINED IN THE POLICIES OF THE TSX VENTURE EXCHANGE)
ACCEPTS RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THIS RELEASE.
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 March 5, 2014 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.
SOURCE: CGX Energy Inc.
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Suresh Narine, Co-Chairman at (705) 933-8389 or firstname.lastname@example.org
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