Jan 21, 2002 news:
link:
biz.yahoo.com
CGX Reports On Progress On Cooperation Between Guyana And Suriname
TORONTO, ONTARIO--Following are excerpts of recent newspaper articles which have been posted on our website, www.cgxenergy.com:
On Jan. 17, 2002, the Guyana Chronicle reported ``Guyana and Suriname have formally agreed to look at options for joint oil exploration, the two countries announced yesterday. Agreement on this was reached by the Guyana-Suriname Cooperation Council which met in the Suriname capital, Paramaribo Tuesday and yesterday. A joint statement from the meeting said the two parties agreed that petroleum exploration should be discussed by the Border Commission of the two countries 'so that technical issues can be properly addressed.' The Border Commission is to continue deliberations on this issue and 'options for cooperation in this area' would be presented to the Presidents of the two countries, the statement said.''
On Jan. 19, 2002, Stabroek News reported ``Foreign Minister Rudy Insanally says he believes that an agreement struck by Guyana and Suriname yesterday will pave the way for talks on the sharing of benefits from the exploitation of resources in a disputed maritime area. He said that Guyana and Suriname have agreed 'to confer on arrangements of a practical nature' for cooperating without prejudice to the outcome of talks on the longstanding border dispute between the two countries.''
On January 19, 2002 the Associated Press reported from Parimaribo, Suriname ``These practical agreements give the opportunity to start oil production before the dispute itself is settled, said Hans Lim A Po, the chief Surinamese negotiator.''
On January 19, 2002, Foreign Minister Rudy Insanally was quoted in the Stabroek News that ``He said it was agreed that the commission would meet as often as necessary and the next meeting was set for May. Ideas and proposals for cooperation would have to be submitted by April, he said. However, he said, this did not preclude Presidents Jagdeo and Venetiaan discussing other proposals when they meet at the end of the month in the Surinamese capital.''
On January 20, 2002, the Guyana Chronicle reported ``The State visit by President Bharrat Jagdeo to neighbouring Suriname has been rescheduled to January 28-29, Foreign Minister Rudy Insanally said yesterday.''
CGX Energy Inc. (CDNX - OYL.U) is a Canadian-based oil and gas exploration company focused on the exploration for oil in the Guyana basin, low risk development in Western Canada and is actively looking at other international opportunities. CGX is managed by a team of experienced oil and gas and finance professionals from Canada, U.S.A. and the UK. CGX is financed internationally and has over 5,000 shareholders worldwide.
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Contact:
CGX Energy Inc.
Kerry Sully
President & CEO
Phone: (604) 733-9647
or
CGX Energy Inc.
Dan Farrell or Denis Clement
Phone: (416) 364-5569
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