CGX Energy Inc. yesterday announced the settlement of the claims brought against Repsol Exploraci?n, S.A. relating to the Joint Operating Agreement governing the Georgetown Block, offshore Guyana.CGX Resources Inc., a wholly-owned subsidiary of CGX Energy, had commenced arbitration against Repsol in the London International Court of Arbitration and received an injunction against the company from the High Court of the Supreme Court of Judicature in January and August 2014.Under the terms of the settlement, CGX Energy received approximately US$900,Cheap NFL Jerseys co,000 due to CGX Resources based on the terms of the Georgetown JOA. CGX said that neither party was responsible for costs or damages.Under the settlement, Repsol will have a chance to participate in explorations of CGX Resources.Repsol “has also agreed to evaluate opportunities in the Guyana-Suriname basin and Repsol was granted a 90-day option to present?a farm-in proposal to acquire at least a 10 per cent participating interest in any of the Corentyne Block (100%), Demerara Block (100%) or the Berbice Block (62%).In addition, CGX Energy and Pacific Rubiales Energy Corp. have been granted a similar option on the Kanuku Block.”CGX disclosed that in the event that a proposal is accepted,Nike Air Max 2018, any definitive agreements will be subjected to due diligence and the terms of any pre-existing petroleum agreement or joint operating agreement.CGX does not rule out working with Repsol again. “The parties look forward to the prospect of working together again in the future if and when the right opportunities arise.”CGX Energy is a Canadian-based oil and gas exploration company focused on the exploration of oil in the Guyana-Suriname Basin.In August,Wholesale Jerseys Free Shipping, CGX Energy Inc. announced that its local subsidiary, CGX Resources Inc., obtained an order from the High Court upholding the injunction from the Commercial Court of Guyana, restraining Repsol Exploracion from proceeding with any proposed farm-out of the Kanuku petroleum prospecting licence (PPL), pending the hearing and determination of the arbitration proceedings it commenced.According to Professor Suresh Narine, Co-Chairman of the company, CGX is viewing the decision as strong support for its rights in the Kanuku PPL with the next step to regain participating interest in the acreage.“A final resolution of this matter is in the best interests of not only CGX Energy, but also tangibly demonstrates the application of the rule of law in the very exciting Guyana-Suriname basin.”CGX said it has extensive knowledge of the Guyana-Suriname basin.According to Dewi Jones,Wholesale NHL Jerseys China, Chief Executive Officer of the company,Cheap NFL Jerseys, since 2012, CGX Energy has spent approximately US$130M in exploration of the Guyana-Suriname basin with approximately US$40M on the acreage now known as the Kanuku PPL.“CGX’s total spending in the Georgetown PPL since inception has been approximately US$60M. Given the significant investment already made in this petroleum prospecting licence,Wholesale NFL Jerseys, we are hopeful that this matter will be resolved quickly in the best interest of all parties and for the overall benefit of the continued exploration in the basin.”On December 23, 2013, CGX Energy announced the commencement of an arbitration proceeding under the rules of the London Court of International Arbitration against Repsol in connection with the expiry of the petroleum prospecting licence covering the Georgetown Block. Guyana is banking on CGX and other exploration companies to find oil.Two attempts in recent years, offshore Guyana has failed.