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| Canadian-based oil exploration company,Wholesale Jerseys Free Shipping, CGX Energy,Cheap NFL Authentic Jerseys, is now locked in a legal battle with former partner Repsol Exploracion, S.A.According to CGX yesterday,Stitched Jerseys, it has started arbitration proceedings against Repsol Exploracion,NFL Jerseys Wholesale, S.A. (“Repsol”) after the latter breached a joint agreement and applied for an exploratory licence alone.CGX explained that its joint venture petroleum prospecting licence covering the Georgetown Block had expired.The company said 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 identical acreage offshore in Guyana, which is now known as the Kanuku petroleum prospecting licence. “Furthermore,Jerseys From China, Repsol was aware of CGX Energy’s continued interest in the Georgetown PPL and had an obligation to seek renewal of the Georgetown PPL alongside CGX Energy,” CGX said.CGX Energy is a Canadian-based oil and gas exploration company focused on the exploration of oil in the Guyana-Suriname Basin.CGX ran into financial problems after two offshore wells…one off Corentyne and another off Georgetown… came up dry last year. The Corentyne concession was fully owned by CGX while the Georgetown block was a partnership drilling with Repsol.CGX ended up owing Repsol Exploración S.A some US$15M,Alejandro Gomez Jersey, representing its stakes in the operating expenses to hire a rig,Jerseys NFL Wholesale, among other things. |
