CGX Energy Provides Update on Corentyne Block License
CGX Energy announced that it and Frontera Energy, as joint venture partners in the Petroleum Prospecting License for the Corentyne block offshore Guyana, have responded to a recent letter from the Government of Guyana.
In their response letter, the Joint Venture contested the government's purported termination of their license and advised that despite the government's contradictory positions, both the License and their Petroleum Agreement remain valid and in force.
The Joint Venture maintains that its interests in the Corentyne block remain in place and in good standing, and that the Petroleum Agreement has not been terminated. While continuing to assess all legal options to assert their rights, the partners look forward to resolving this matter expeditiously and continuing their multi-year efforts to realize value for the people of Guyana and their shareholders.
CGX Energy ha annunciato che, insieme a Frontera Energy, come partner della joint venture nella Licenza di Prospezione Petrolifera per il blocco Corentyne al largo della Guyana, ha risposto a una recente lettera del Governo della Guyana.
Nel loro lettera di risposta, la Joint Venture ha contestato la presunta risoluzione della loro licenza da parte del governo e ha informato che, nonostante le posizioni contraddittorie del governo, sia la Licenza che il loro Accordo Petrolifero rimangono validi e in vigore.
La Joint Venture sostiene che i suoi interessi nel blocco Corentyne rimangono in essere e in buono stato, e che l'Accordo Petrolifero non è stato risolto. Mentre continua a valutare tutte le opzioni legali per affermare i propri diritti, i partner sono ansiosi di risolvere questa questione rapidamente e di proseguire i loro sforzi pluriennali per realizzare valore per il popolo della Guyana e per i loro azionisti.
CGX Energy anunció que, junto a Frontera Energy, como socios de la empresa conjunta en la Licencia de Prospección Petrolera para el bloque Corentyne frente a la costa de Guyana, ha respondido a una reciente carta del Gobierno de Guyana.
En su carta de respuesta, la empresa conjunta impugnó la supuesta terminación de su licencia por parte del gobierno y notificó que, a pesar de las posiciones contradictorias del gobierno, tanto la Licencia como su Acuerdo Petrolero siguen siendo válidos y están en vigor.
La empresa conjunta sostiene que sus intereses en el bloque Corentyne permanecen intactos y en buen estado, y que el Acuerdo Petrolero no ha sido terminado. Mientras continúa evaluando todas las opciones legales para afirmar sus derechos, los socios esperan resolver este asunto de manera expedita y continuar sus esfuerzos de varios años para generar valor para el pueblo de Guyana y sus accionistas.
CGX Energy는 Frontera Energy와 함께 가이아나 해안의 Corentyne 블록에 대한 석유 탐사 라이센스의 공동 투자 파트너로서 가이아나 정부의 최근 서신에 답변했다고 발표했습니다.
그들의 답변서에서 공동 투자자는 정부가 주장하는 라이센스 종료를 반박하고, 정부의 모순된 입장에도 불구하고 라이센스와 석유 계약이 여전히 유효하고 시행 중임을 알렸습니다.
공동 투자자는 Corentyne 블록에 대한 자신의 이익이 여전히 존재하며 좋은 상태에 있다고 주장하며, 석유 계약이 종료되지 않았다고 강조했습니다. 자신의 권리를 주장하기 위해 모든 법적 옵션을 계속 평가하는 동안, 파트너들은 이 문제를 신속하게 해결하고 가이아나 국민과 주주들을 위한 가치를 실현하기 위한 다년간의 노력을 계속하기를 기대하고 있습니다.
CGX Energy a annoncé qu'elle et Frontera Energy, en tant que partenaires de coentreprise dans la Licence de Prospection Pétrolière pour le bloc Corentyne au large de la Guyane, ont répondu à une récente lettre du Gouvernement de la Guyane.
Dans leur lettre de réponse, la coentreprise a contesté la prétendue résiliation de leur licence par le gouvernement et a informé que, malgré les positions contradictoires du gouvernement, la Licence et leur Accord Pétrolier restent valides et en vigueur.
La coentreprise soutient que ses intérêts dans le bloc Corentyne demeurent en place et en bon état, et que l'Accord Pétrolier n'a pas été résilié. Tout en continuant à évaluer toutes les options juridiques pour affirmer ses droits, les partenaires espèrent résoudre cette affaire rapidement et poursuivre leurs efforts pluriannuels pour réaliser de la valeur pour le peuple de Guyane et leurs actionnaires.
CGX Energy hat angekündigt, dass es zusammen mit Frontera Energy als Joint-Venture-Partner in der Erdölprospektionslizenz für das Corentyne-Block vor der Küste von Guyana auf ein kürzliches Schreiben der Regierung von Guyana reagiert hat.
In ihrem Antwortschreiben hat das Joint Venture die angebliche Kündigung ihrer Lizenz durch die Regierung angefochten und darauf hingewiesen, dass trotz der widersprüchlichen Positionen der Regierung sowohl die Lizenz als auch ihr Erdölvertrag weiterhin gültig und in Kraft sind.
Das Joint Venture ist der Ansicht, dass seine Interessen am Corentyne-Block bestehen bleiben und in gutem Zustand sind und dass der Erdölvertrag nicht gekündigt wurde. Während es weiterhin alle rechtlichen Optionen prüft, um seine Rechte geltend zu machen, freuen sich die Partner darauf, diese Angelegenheit zügig zu klären und ihre mehrjährigen Bemühungen fortzusetzen, um Wert für das Volk von Guyana und ihre Aktionäre zu schaffen.
- Joint Venture actively defending its license rights in Guyana
- Company maintaining that Corentyne block license remains valid and in good standing
- Pursuing legal options to protect shareholder interests
- Government of Guyana attempting to terminate the Corentyne block license
- Ongoing legal dispute creates uncertainty for operations
- Potential loss of significant investment in Guyana operations
- Risk of losing access to valuable offshore petroleum assets
Joint Venture has Responded to Communication from the Government of Guyana Regarding the Joint Venture's License
Toronto, Ontario--(Newsfile Corp. - February 24, 2025) - CGX Energy Inc. (TSXV: OYL) ("CGX") announced today that it and Frontera Energy Corporation (TSX: FEC) ("Frontera"), joint venture partners (the "Joint Venture") in the Petroleum Prospecting License for the Corentyne block offshore Guyana (the "License"), have provided a response (the "Response Letter") to the recent letter received from the Government of Guyana (the "Government"), as described further in the joint press release dated February 10, 2024 (the "Letter").
Pursuant to the Response Letter, the Joint Venture has advised the Government that, among other things, despite the Government's contradictory positions, the License and the Joint Venture's Petroleum Agreement with the Government in respect of the Corentyne block (as amended, the "Petroleum Agreement") remain valid and in force. Additionally, in the Response Letter, the Joint Venture has contested the Government's purported termination of the License, including the grounds for such termination, as further described in the Letter.
The Joint Venture remains firmly of the view that its interests in, and the License for, the Corentyne block remain in place and in good standing and the Petroleum Agreement has not been terminated. Notwithstanding the foregoing, the Joint Venture continues to assess all legal options available to it to assert its rights in respect of the License and the Petroleum Agreement.
The Joint Venture looks forward to expeditiously resolving this matter and continuing its multi-year efforts and investments to realize value for the people of Guyana and its shareholders from the Corentyne block.
About CGX
CGX is a Canadian-based oil and gas exploration company focused on the exploration of oil in the Guyana-Suriname Basin and the development of a deep-water port in Berbice, Guyana.
Advisories
NEITHER TSX VENTURE EXCHANGE NOR ITS REGULATION SERVICES PROVIDER (AS THAT TERM IS DEFINED IN POLICIES OF THE TSX VENTURE EXCHANGE) ACCEPTS RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THIS RELEASE.
Cautionary Note Concerning Forward-Looking Statements:
This press release contains forward-looking information within the meaning of Canadian securities laws. Forward-looking information relates to activities, events or developments that CGX believes, expects or anticipates will or may occur in the future. Forward-looking information in this press release includes, without limitation, statements relating to the Joint Venture's continuing efforts and investments in the Corentyne block and the significant prospective resources discovered therein. All information other than historical fact is forward-looking information. Forward-looking information reflects the current expectations, assumptions and beliefs of CGX based on information currently available to it and considers the experience of CGX and its perception of historical trends. Although CGX believes that the assumptions inherent in the forward-looking information are reasonable, forward-looking information is not a guarantee of future performance and accordingly undue reliance should not be placed on such information. Forward-looking information is subject to a number of risks and uncertainties, some that are similar to other oil and gas companies and some that are unique to CGX and the Joint Venture, including the ability of the Joint Venture to reach an agreement with the Government of Guyana. No assurance can be given that such an agreement will be reached. The actual results of the Joint Venture may differ materially from those expressed or implied by the forward-looking information, and even if such actual results are realized or substantially realized, there can be no assurance that they will have the expected consequences to, or effects on CGX. CGX's management's discussion and analysis for the year ended December 31, 2023, and quarter ended September 30, 2024, and other documents CGX files from time to time with securities regulatory authorities describe the risks, uncertainties, material assumptions and other factors that could influence actual results and such factors are incorporated herein by reference. Copies of these documents are available without charge by referring to CGX's profile on SEDAR+ at www.sedarplus.ca. All forward-looking information speaks only as of the date on which it is made and, except as may be required by applicable securities laws, CGX disclaims any intent or obligation to update any forward-looking information, whether as a result of new information, future events or results or otherwise.
For further information: Todd Durkee, Vice President, Development, CGX Energy Inc., (832) 300-3200, 2400, 333 Bay Street, Toronto, Ontario M5H 2T6, www.cgxenergy.com.
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/242244
FAQ
What is the current status of CGX Energy's Corentyne block license in Guyana?
Why is the Government of Guyana trying to terminate CGX Energy's (CGXEF) license?
What legal actions is CGX Energy taking regarding its Guyana license dispute?
How might the Guyana license dispute affect CGXEF shareholders?
When did the Government of Guyana first communicate license issues to CGX Energy?
