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CGX Energy enters rig share MOU with INPEX, PETRONAS and Seismic Data Reprocessing

27th February 2014

The agreement involves all parties forming a rig sharing contract, which includes related support services among the group

CGX Energy has become involved in an MOU with Teikoku Oil Co and PETRONAS Suriname

CGX Energy Inc. has partcipated in a Memorandum of Understanding (MOU) with Teikoku Oil Co., a subsidiary of INPEX Corporation (INPEX) and PETRONAS Suriname E&P B.V (PSE PBV) (PETRONAS), for rig sharing in the Guyana-Suriname basin.

The agreement involves all parties forming a group for rig sharing, which includes related support services among the Rig Sharing Group. The intention is to minimize their exploration costs by sharing, rig procurement and support services for each of their drilling programs. .

Dewi Jones, the chief executive officer of CGX Energy, said, "We are pleased to have signed this MOU with Inpex and PETRONAS and look forward to finalizing the agreement.  In conjunction with this agreement, we are working diligently to secure the resources required to execute our exploration program in Guyana."

CGX has also taken part in a master data processing agreement with Vector Seismic Data Processing, Inc. for the reprocessing and merging of seismic surveys. The reprocessing is set to be completed by April 2014.

CGX Energy is a Canadian-based oil and gas exploration company dedicated to oil exploration in the Guyana-Suriname Basin.

INPEX is a Japanese oil and gas exploration and production company. It is currently operating more than 70 oil and natural gas projects in 28 countries.

PETRONAS is Malaysia's fully integrated petroleum company. The company is now ranked among the largest in the world with a track record in integrated oil and gas operations. Their  exploration and production (E&P) business performs the exploration, development and production of oil and natural gas resources in six continents.

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