According to Marketwire, CGX Energy Inc. (TSX VENTURE:OYL) (“CGX” or the “Company”) has announced that trading in the Company’s shares was halted this morning following the reaction to an announcement by Tullow Oil plc of oil discoveries in their Zaedyus well offshore French Guiana. CGX does not have any interest in the Zaedyus well.
According to Marketwire, Kerry Sully, Chairman of CGX, stated, “CGX is a 25% partner with Tullow, Repsol and YPF in the Georgetown Petroleum Prospecting Licence offshore Guyana in which the partners are preparing to drill a Turonian test in the Jaguar well later this year. Investors are cautioned that Jaguar is located over 500 km from Zaedyus and the risk remains high.”
CGX Energy is a Canadian-based oil and gas exploration company focused on the exploration for oil in the Guyana. CGX made their initial quest for oil here in 2000 but was the thwarted by Surinamese military action.
