CGX Energy Inc. yesterday announced that its local subsidiary, CGX Resources Inc., has obtained an order from the High Court upholding the injunction from the Commercial Court of Guyana restraining Repsol Exploracion from proceeding with any proposed farm-out of the Kanuku petroleum prospecting licence (PPL), pending the hearing and determination of the arbitration proceedings it commenced.
According to Professor Suresh Narine, Co-Chairman of the company, CGX is viewing the decision as strong support for its rights in the Kanuku PPL with the next step to regain 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 said it 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.”
According to Dewi Jones, Chief Executive Officer of the company, since 2012, CGX Energy has spent approximately US$130M in exploration of the Guyana-Suriname basin with approximately US$40M on the acreage now known as the Kanuku PPL.
“CGX’s total spending in the Georgetown PPL since inception has been approximately US$60M. 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.”
On December 23, 2013, CGX Energy announced the commencement of an arbitration proceeding under the rules of the London Court of International Arbitration against Repsol in connection with the expiry of the petroleum prospecting licence covering the Georgetown Block. CGX Energy is a Canadian-based oil and gas exploration company focused on the exploration of oil in the Guyana-Suriname Basin.
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