|
Canadian-based oil exploration company,Atlanta Falcons Jersey UK, CGX Energy,James Harrison Steelers Jersey UK, is now locked in a legal battle with former partner Repsol Exploracion, S.A.According to CGX yesterday,Troy Polamalu Steelers Jersey UK, it has started arbitration proceedings against Repsol Exploracion,Brian Poole Falcons Jersey UK, 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,Aaron Rodgers Packers Jersey UK, which is now known as the Kanuku petroleum prospecting licence. “Furthermore,Ha Ha Clinton-Dix Packers Jersey UK, 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,Grady Jarrett Falcons Jersey UK,” 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,Steve Grogan Patriots Jersey UK, representing its stakes in the operating expenses to hire a rig,Stephen Gostkowski Patriots Jersey UK, among other things. |
|