(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
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.
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.
For further information:
Suresh Narine, Co-Chairman at (705) 933-8389 or firstname.lastname@example.org
Michael Galego, General Counsel and Secretary at (416) 843-3858 or email@example.com