Canadian oil explorer CGX Energy Inc yesterday reported that the High Court here has upheld an injunction against Spanish oil producer Repsol Exploracion, S.A. that prevents the Spanish company from proceeding with any farming out of the Kanuku petroleum prospecting licence (PPL).
CGX Resources Inc, a wholly-owned subsidiary of CGX obtained an order from the High Court upholding the injunction from the Commercial Court restraining Repsol from proceeding with any proposed farm-out of the Kanuku PPL pending the hearing and determination of the arbitration proceedings commenced by CGX Resources against Repsol, the Canadian company said in a statement.
The erstwhile partners have been locked in a battle over the Kanuku licence. In December, CGX announced that it would commence arbitration proceedings against Repsol in connection with the expiry of the PPL relating to the Georgetown Block. At the time, CGX said that it is of the view that the terms of the joint operating agreement governing the Georgetown Block were still in effect when Repsol allowed the Georgetown PPL to expire and sought out a new petroleum prospecting licence covering virtually the identical
