(TSX-V | OYL)
TORONTO, Feb. 25, 2014 /CNW/ - CGX Energy Inc. (TSX-V - OYL) ("CGX Energy" or the "Company") is pleased to announce that it has entered into a Memorandum of
Understanding ("MOU") with Teikoku Oil (Suriname) Co., Ltd., a wholly-owned subsidiary of
INPEX CORPORATION ("INPEX") and PETRONAS Suriname E&P B.V (PSE PBV) ("PETRONAS"), for rig sharing in the Guyana-Suriname basin.
The parties have agreed to form a group for rig sharing ("Rig Sharing Group") and will enter into a definitive agreement with respect to the rig
share and related support services among the Rig Sharing Group with a
view to minimizing their exploration costs by sharing, where practical,
rig procurement and related support services for their respective
CGX Energy plans to utilize this rig for the drilling of its commitment
well under the Company's Corentyne petroleum prospecting licence.
Dewi Jones, Chief Executive Officer of the Company, commented: "We are
pleased to have signed this MOU with Inpex and PETRONAS and look
forward to finalizing the agreement. In conjunction with this
agreement, we are working diligently to secure the resources required
to execute our exploration program in Guyana."
The Company has also entered into a master data processing agreement
with Vector Seismic Data Processing, Inc. for the reprocessing and
merging of seismic surveys relating to the Corentyne petroleum
prospecting license. The reprocessing is expected to be completed by
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.
PETRONAS is Malaysia's fully integrated petroleum company. Established
in 1974, PETRONAS is now ranked among the largest companies in the
world with a proven track record in integrated oil and gas operations.
PETRONAS' Exploration & Production (E&P) business carries out
exploration, development and production of oil and natural gas
resources across six continents. PETRONAS E&P's capabilities and track
record of successful onshore and offshore developments in the oil and
gas industry have earned itself as a reputable operator in many
ventures across the world.
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 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.
SOURCE: CGX Energy Inc.
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