CGX questions offshore Guyana license award

Offshore staff

TORONTO, Canada -- CGX Energy (TSX:V - OYL) is to start arbitration proceedings against Repsol Exploracion over the expiry of the Georgetown block petroleum prospecting license (PPL) offshore Guyana.

The company claims the terms of the joint operating agreement for the block were still in effect when Repsol allowed the license to expire and sought out a new PPL covering virtually identical acreage (CGX says), now known as the Kanuku PPL.

Further, CGX claims that Repsol was aware of its continued interest in the Georgetown PPL and had an obligation to seek renewal of that license, alongside CGX.

1/1/2014

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