I said yesterday that I was going to buy OYL.U CDNX...I think I'll wait:-(
NEWS RELEASE
June 4, 2000. CGX Energy Inc. advises that drilling of its Eagle target has been placed on standby pending a resolution of a dispute between the Government of Guyana and the Republic of Suriname.
For the past two years, CGX has conducted operations on its Corentyne Concession under a licence from the Government of Guyana. On Thursday, June 1, 2000, the C.E. Thornton drill rig of R&B Falcon, based in Houston, Texas, under contract to CGX, arrived at the Eagle target, which is located within the Corentyne Concession. CGX anticipated a spud date of Sunday, June 4, 2000. On Saturday, June 3, 2000 at 12:45 a.m., as CGX was preparing to commence drilling, two patrol-boats from the Suriname navy demanded the rig cease operations and leave the area. For the safety of the crew and property, later on Saturday, June 3, 2000, the rig was moved about 75 km southwest to a safe location.
It is CGX's understanding that high-level discussions are currently being held between the governments of Guyana and Suriname. CGX has placed the rig on standby pending the results of these discussions. Both countries are signatories to the Law of the Sea treaty and members of Caricom (the ?Caribbean Community?).
For further information please contact: Dan Farrell at (416) 364-5569. |
