(TSX-V | OYL)
TORONTO, Aug. 28, 2014 /CNW/ - CGX Energy Inc. (TSX-V - OYL) ("CGX Energy" or the "Company") announced today that CGX Resources Inc. ("CGX Resources"), a wholly-owned subsidiary of the Company, obtained an order from the High Court of the Supreme Court of Judicature in Guyana upholding the injunction from the Commercial Court of Guyana restraining Repsol Exploracion, S.A. ("Repsol") from proceeding with any proposed farm-out of the Kanuku petroleum prospecting license (the "Kanuku PPL") pending the hearing and determination of the arbitration proceedings commenced by CGX Resources against Repsol.
The Kanuku PPL covers substantially the same acreage as the Georgetown petroleum prospecting licence (the "Georgetown PPL") as illustrated in the map.
Professor Suresh Narine, Co-Chairman of the Company, commented: "We view this decision as strong support for CGX Energy's rights in the Kanuku PPL and as the next step to regaining our participating interest in the acreage. A final resolution of this matter is in the best interests of not only CGX Energy, but also tangibly demonstrates the application of the rule of law in the very exciting Guyana-Suriname basin. CGX Energy has drilled the most exploration wells in Guyana and has extensive knowledge of the Guyana-Suriname basin. Furthermore, we worked diligently to meet all of the obligations with respect to our 25% participating interest in the Georgetown PPL and will continue to do so in respect of all petroleum prospecting licences in which we participate."
Dewi Jones, Chief Executive Officer of the Company, added: "Since 2012, CGX Energy has spent approximately U.S.$130 million in exploration in the Guyana-Suriname basin with approximately U.S.$40 million relating to the acreage now known as the Kanuku PPL. CGX's total spend in the Georgetown PPL since inception has been approximately U.S.$60 million. Given the significant investment already made in this petroleum prospecting licence, we are hopeful that this matter will be resolved quickly in the best interest of all parties and for the overall benefit of the continued exploration in 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 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.
Image with caption: "Comparison of the Kanuku PPL acreage and the Georgetown PPL acreage. (CNW Group/CGX Energy Inc.)". Image available at: http://photos.newswire.ca/images/download/20140828_C8086_PHOTO_EN_42559.jpg
SOURCE: CGX Energy Inc.
For further information:
Michael Galego, General Counsel and Secretary at (416) 843-3858 or [email protected]