(TSX-V | OYL)
TORONTO, Aug. 18, 2014 /CNW/ - CGX Energy Inc. (TSX-V - OYL) ("CGX Energy" or
the "Company") today provided an operational update on its exploration assets
Helicopter services contract
CGX Energy is pleased to announce that it has entered into a definitive
agreement for the provision of helicopter services for use in the drilling of
its first commitment well on its Corentyne Block scheduled to be spudded
before October 31, 2015. Under the terms of the agreement, the Company has
procured the services of Bristow Helicopters (International) Limited, a
corporation organized and acting under the laws of England and having its
registered office in England.
Shallow Hazard survey completion
Additionally, CGX has completed a shallow hazard survey in order to acquire
seabed conditions and drilling hazard information surrounding the location of
its first commitment well on the Corentyne Block. The survey, performed by
the M/V Sea Surveyor of Guardline Marine Sciences (South America) Ltd.,
comprised an area of 3.5km x 4.5km. Soil boring samples will be taken in
October 2014 to predict leg penetration for the HAKURYU-12 jack-up drilling
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.
Bristow Group Inc., based in Houston, Texas, is the leading provider of
helicopter services to the worldwide offshore energy industry based on the
number of aircraft operated, and one of two helicopter service providers to
the offshore energy industry with global operations. Bristow has proudly
served the offshore oil transport industry in major exploration and production
arenas for more than 50 years and has been responsible for many
industry-leading technological innovations.
Bristow currently has major helicopter transportation operations in the North
Sea, Nigeria and the U.S. Gulf of Mexico, and in most of the other major
offshore oil and gas producing regions of the world, including Australia,
Brazil, Canada, Mexico, Russia and Trinidad.
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.
Michael Galego, General Counsel and Secretary at (416) 843-3858
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CO: CGX Energy Inc.
-0- Aug/18/2014 16:09 GMT
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