CGX Inks LOI for Hakurya-12 to Drill Guyana's Corentyne Block in 2015

Canada's oil and gas exploration firm CGX Energy Inc. (CGX Energy or the Company) announced Monday that it has entered into a binding letter of intent (LOI) with Teikoku Oil (Suriname) Co., Ltd., a wholly-owned subsidiary of Inpex Corporation (Inpex and CGX Energy, the Rig Sharing Group), and Japan Drilling Co., Ltd. (JDC), for use of the jackup Hakuryu-12 (400' ILC) .

The LOI forms the basis of the definitive rig agreements between JDC and each of the members of the Rig Sharing Group. The members of the Rig Sharing Group are required to enter into definitive rig agreements with JDC in order to reduce mobilization and demobilization costs. The Hakuryu-12 will be delivered to Trinidad between April 1, 2015 and May 1, 2015.

Dewi Jones, CEO of the Company, commented: "This LOI represents the next step in drilling at our 100 percent owned Corentyne Block. Being a part of the Rig Sharing Group means that CGX Energy will benefit from significantly reduced mobilization and demobilization costs typically associated with offshore drilling. The Hakuryu-12 is a jackup that fits the Company's well design specifications."


Click on the button below to add a comment.
Post a Comment
Generated by readers, the comments included herein do not reflect the views and opinions of Rigzone. All comments are subject to editorial review. Off-topic, inappropriate or insulting comments will be removed.

Related Companies
For More Information on the Offshore Rig Fleet:
RigLogix can provide the information that you need about the offshore rig fleet, whether you need utilization and industry trends or detailed reports on future rig contracts. Subscribing to RigLogix will allow you to access dozens of prebuilt reports and build your own custom reports using hundreds of available data columns. For more information about a RigLogix subscription, visit

Our Privacy Pledge

Most Popular Articles

From the Career Center
Jobs that may interest you
Static Equipment / LNG Tank Engineer
Expertise: Mechanical Engineering
Location: Houston, TX
ARAMCO QM20 Third Party Inspector
Expertise: Electrical Engineering|QA / QC / Inspection|Technical Writing
Location: Bolingbrook, IL
Power Generation Technician
Expertise: Electrical Technician|Electrician|Maintenance Technician
Location: Broussard, LA
search for more jobs

Brent Crude Oil : $51.78/BBL 0.77%
Light Crude Oil : $50.85/BBL 0.83%
Natural Gas : $2.99/MMBtu 4.77%
Updated in last 24 hours