CGX still pursuing joint venture partners
CGX Energy Inc says it continues to actively pursue strategic joint venture partners for all three of its Petro-leum Prospecting Licences (PPLs) and has a technical data room open at its Houston office.
In a release yesterday, the Company said it is currently preparing to re-process a portion of its 3D seismic data set for the Corentyne Block, which should be completed by the end of the year.
In the meanwhile, the Company has granted Repsol Exploracion, S.A. permission to gather seismic data in portions of the Corentyne Block when acquiring a new 3D seismic survey in the Kanuku Block during the fourth quarter of this year. The data acquired in the Corentyne Block will be provided to CGX at no additional cost, CGX said.
During the third quarter, the release said that CGX Energy continued to focus on cost cutting to reduce the size of the Company to better reflect current operations. As a result of these initiatives, the Company’s general and administrative costs have dropped by approximately 30% on a per month basis, since April, 2013.
Dewi Jones, Chief Execu-tive Officer of the Company, commented:
“CGX Energy is undergoing a transformation in preparation for the next stages of exploration in Guyana. By leveraging the technical expertise of Pacific Rubiales in Latin America, we believe that we can secure new joint venture partners to develop our extensive offshore acreage. With our lower costs and improved capital structure, the Company is well positioned for the future. We are excited about the progress we have made thus far and look to end the year stronger than when we entered into 2013.”
CGX Energy is a Canadian-based oil and gas exploration company focused on the exploration of oil in the Guyana-Suriname Basin. It has been prospecting for commercial oil here since 2000 but several wells sunk by itself and in partnership with others have ended in failure.
Earlier this year, facing a demand from its partners for US$15M sunk in oil exploration, CGX announced that it was entering into a private placement to raise CDN$35-40M which could see its fellow Canadian oil explorer Pacific Rubiales Energy Corp gaining as much as 70% of the shares in the company.