(TSX-V | OYL)
TORONTO, Aug. 18, 2014 /CNW/ - CGX Energy Inc. (TSX-V - OYL) ("CGX Energy" or the "Company") today provided an operational update on its exploration assets in
Helicopter services contract
CGX Energy is pleased to announce that it has entered into a definitive
agreement for the provision of helicopter services for use in the
drilling of its first commitment well on its Corentyne Block scheduled
to be spudded before October 31, 2015. Under the terms of the
agreement, the Company has procured the services of Bristow Helicopters
(International) Limited, a corporation organized and acting under the
laws of England and having its registered office in England.
Shallow Hazard survey completion
Additionally, CGX has completed a shallow hazard survey in order to
acquire seabed conditions and drilling hazard information surrounding
the location of its first commitment well on the Corentyne Block. The
survey, performed by the M/V Sea Surveyor of Guardline Marine Sciences
(South America) Ltd., comprised an area of 3.5km x 4.5km. Soil boring
samples will be taken in October 2014 to predict leg penetration for
the HAKURYU-12 jack-up drilling rig.
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.
Bristow Group Inc., based in Houston, Texas, is the leading provider of
helicopter services to the worldwide offshore energy industry based on
the number of aircraft operated, and one of two helicopter service
providers to the offshore energy industry with global operations.
Bristow has proudly served the offshore oil transport industry in major
exploration and production arenas for more than 50 years and has been
responsible for many industry-leading technological innovations.
Bristow currently has major helicopter transportation operations in the
North Sea, Nigeria and the U.S. Gulf of Mexico, and in most of the
other major offshore oil and gas producing regions of the world,
including Australia, Brazil, Canada, Mexico, Russia and Trinidad.
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.
For further information:
Michael Galego, General Counsel and Secretary at (416) 843-3858 or firstname.lastname@example.org