August 29, 2007

CGX Energy Updates Status of UN Tribunal Decision

TORONTO, ONTARIO - CGX Energy Inc. (OYL.U - TSX-V) announces that the Guyana Chronicle reported on Saturday, August 25 th that the UN Tribunal decision is imminent. Following is an excerpt from the report:

"The United Nations International Tribunal on the Law of the Sea based in Hamburg is expected to pronounce on the Guyana/Suriname border dispute "anytime now", Foreign Minister Dr. Rudy Insanally indicated yesterday.

It was anticipated that the long-awaited and much-anticipated decision would have been given during the first quarter or thereabout of this year, but due to some practical procedural matters which had to be finalised, there has been some delay in bringing conclusion to the matter.

When contacted yesterday for a comment on the issue, Mr. Insanally urged that caution and patience be exercised, noting that the decision and its announcement lies solely in the hands of the UN Tribunal on the Law of the Sea.

The Guyanese Foreign Minister, however, disclosed that from all indications, "a decision is imminent"."

 

Also on August 25 th , Caribbean Net News reported:

Paramaribo , Suriname : The ruling on the maritime border dispute between Suriname and Guyana is expected in September, the Arbitral Tribunal that is handling the matter indicated Thursday.

 

"The secretary of the tribunal informed the Surinamese government Thursday morning on the issue", said Hans Lim A Po, Suriname 's co-agent in this case.

The full text of these articles is available on the CGX Energy website in the News section.

CGX Energy is a Canadian-based oil and gas exploration company focused on the exploration for oil in the Guyana . CGX is managed by a team of experienced oil and gas and finance professionals from Canada , U.S.A. and the UK . CGX is financed internationally and has thousands of shareholders worldwide.

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