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CGX Announces $900,000 Settlement With Repsol on Offshore Block

CGX Energy Inc. (OYL), an oil and natural gas producer, said it received about $900,000 from Repsol SA (REP) in a settlement over an offshore field in Guyana.

The settlement fullfills terms of a joint operating agreement covering the Georgetown Block, Toronto-based CGX said in a statement today. CGX filed a complaint against Repsol with the London International Court of Arbitration.

Under the settlement, Repsol also agreed to evaluate opportunities in the Guyana-Suriname basin. The Madrid, Spain-based company was granted a 90-day option to present a proposal to acquire at least a 10 percent interest in any of the Corentyne Block, Demerara Block or the Berbice Block.

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