Court action halts offshore Guyana farm-out

Offshore staff

TORONTO – CGX Resources has obtained an injunction order from the Commercial Court of Guyana.

This prevents Repsol Exploracion from proceeding with its planned 30% farm-out of the Kanuku petroleum prospecting license offshore Guyana to RWE Dea, pending the hearing and determination of arbitration proceedings started by CGX against Repsol late last year.

Professor Suresh Narine, co-chairman of CGX, said:  “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.”

01/21/2014

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