CGX Energy Announces Drilling Rig LOI with INPEX and Japan Drilling Co., Ltd.
(TSX-V | OYL)
TORONTO, June 2, 2014 /CNW/ - CGX Energy Inc. (TSX-V - OYL) ("CGX Energy" or
the "Company") is pleased to announce that it has entered into a binding
letter of intent ("LOI") with Teikoku Oil (Suriname) Co., Ltd., a wholly-owned
subsidiary of INPEX Corporation ("INPEX" and CGX Energy, the "Rig Sharing
Group"), and Japan Drilling Co., Ltd. ("JDC"), for use of the jack-up drilling
rig known as the "Hakuryu-12" rig.
The LOI forms the basis of the definitive rig agreements between JDC and each
of the members of the Rig Sharing Group. The members of the Rig Sharing Group
are required to enter into definitive rig agreements with JDC in order to
reduce mobilization and demobilization costs. The Hakuryu-12 rig will be
delivered to Trinidad between April 1, 2015 and May 1, 2015.
Dewi Jones, Chief Executive Officer of the Company, commented: "This LOI
represents the next step in drilling at our 100% owned Corentyne Block. Being
a part of the Rig Sharing Group means that CGX Energy will benefit from
significantly reduced mobilization and demobilization costs typically
associated with offshore drilling. The Hakuryu-12 rig is a jack-up rig that
fits the Company's well design specifications."
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.
JDC is Japan's sole offshore drilling contractor, and has been providing
quality drilling services for more than 40 years. In addition to offshore
drilling services, JDC provides Engineering Services, and R&D in relation to
offshore drilling as well as oil and gas exploration and development, and also
Horizontal Directional Drilling (HDD) services.
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 March 5, 2014 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
SOURCE CGX Energy Inc.
Suresh Narine, Co-Chairman at (705) 933-8389 email@example.com Michael
Galego, General Counsel and Secretary at (416) 843-3858
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CO: CGX Energy Inc.
NI: FIELD ORDER
-0- Jun/02/2014 12:30 GMT
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