(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 drilling programs.
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 April, 2014.
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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