CGX Energy Announces Definitive Rig Agreement for use of the Ralph Coffman Rig for the Utakwaaka-1 Well.
Toronto, Canada, Monday December 17, 2018 – CGX Energy Inc. (TSX-V – OYL) (“CGXEnergy†or the “Companyâ€), through its wholly owned subsidiary CGX Resources Inc. has entered into a definitive rig agreement with ROWAN RIGS S.À R.L for the provision of rig services for the drilling of the Company’s Utakwaaka-1 well in its Corentyne block.
Under the terms of the agreement, the Company has procured the use of an offshore jack-up drilling rig named the Ralph Coffman. The main terms of the rig contract are as follows:
Professor Suresh Narine, Executive Chairman, commented: “With the announcement of a JointVenture with Frontera Energy Corporation and the securing of Rowan’s Ralph Coffman offshoreJack Up Drilling Rig, CGX is on schedule to drill Utakwaaka-1 on or before November 2019.The Ralph Coffman is ideally suited to our well-design and we are delighted to secure this rig ata time when exploration activity on the shelf in the Guyana basin is significantly increasing.â€
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