CGX yesterday announced that the Company has moved to a new Corentyne petroleum agreement (“Corentyne PA”) and petroleum prospecting licence (“Corentyne PPL”) offshore Guyana effective as of November 27, 2012 under which it is obliged to drill two wells.
A release from the Canadian oil explorer said that both the agreement and licence are renewable after four years for up to ten years. It said that the new Corentyne PA applies to the former offshore portion of the Corentyne PPL, covering 6,212 square kilometres.
The licence is based on Guyana’s revamped specimen agreement but with terms and conditions similar to the former Corentyne PA. CGX said that