CGX Energy Inc., 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 Joint Venture with Frontera Energy Corporation and the securing of Rowan’s Ralph Coffman offshore Jack 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 at a time when exploration activity on the shelf in the Guyana basin is significantly increasing.”