Canadian oil exploration company CGX Energy Inc and Japanese company Teikoku Oil (Suriname) Co, have signed an agreement with Japan Drilling Co Ltd (JDC) to rent a rig to drill on CGX’s Corentyne Block next year.
In a statement, CGX said that it has entered into a binding letter of intent (LOI) with Teikoku Oil (Suriname) Co Ltd, a wholly-owned subsidiary of INPEX Corporation, and 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
