CGX, Inpex and Petronas sign rig sharing deal

CGX Energy Inc. has entered into a Memorandum of Understanding with Teikoku Oil (Suriname) Co., Ltd., a wholly-owned subsidiary of INPEX and PETRONAS Suriname E&P B.V (PSE PBV), for rig sharing in the Guyana-Suriname basin.

The parties have agreed to form a group for rig sharing 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, said: “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.

 

Press Release, February 26, 2014

 

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