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CGX acquires short-term loan prior to drilling next exploration well

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15 Oct 2014 11:29 #218559 by chairman
CANADIAN oil company CGX Energy has entered into a short-term loan agreement with petroleum exploration and production giant Pacific Rubiales Energy Corporation for Cdn.$7.5 million to cover certain expenses generated in Guyana in connection with its work commitments here.

The company expects to spud the exploration well on the Corentyne Block by October 2015.
Dewi Jones, Chief Executive Officer of the company, commented: “The bridge loan allows CGX Energy to continue discussions with potential joint venture partners and also commence purchasing long-lead items required to drill our next exploration well on the company’s 100%-owned Corentyne Block, offshore Guyana.”
The bridge loan has a term of twelve months and annual interest payable of 5%.
Always tell someone how you feel because opportunities are lost in the blink of an eye but regret can last a lifetime.
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15 Oct 2014 11:37 #218566 by ketchim
Guyana waters run rale DEEP .... :-[

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15 Oct 2014 11:41 #218569 by chairman
can they find the oil already
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