Continental dissolves CGX JV
Sunday, January 15 2012 - 02:04 AM WIB
US junior exploration firm Continental Energy Corporation announced Friday that its CG Xploration Inc. corporate joint venture vehicle with GeoPetro Resources Inc. has been dissolved by mutual agreement of its shareholders.
CG Xploration Inc. was a 50% owned joint venture incorporated in the State of Delaware on 18 November 2005. Continental owned 50% of CGX and GeoPetro owned 50%. CGX had been operated for the purposes of identifying and developing new oil and gas production sharing contracts within a geographically limited and defined area of mutual interest in a portion of Indonesia.
?With the dissolution of CGX, the company is free to pursue new production sharing contracts within the former area of mutual interest for its own account,? Continental said.
Editing By David Mustakim