CGX Energy announces the appointment of a drilling director
Toronto, Ontario – (Newsfile Corp. – January 5, 2021) – CGX Energy Inc. (TSXV: OYL) (“CGX Energy“or the”Society“), announces that he has hired Mr. Kevin Lacy as the Company’s Drilling Director. Mr. Lacy will oversee all operations of the Company’s exploration and potential assessment drilling programs on prospecting permits Corentyne and Demerara oil company off Guyana.
Mr. Lacy has extensive experience (40 years) in oil and gas operations and drilling in many international basins, especially offshore. His career began at Chevron in 1980, where he worked his way up through the management ranks in the Gulf of Mexico (“GoM“), China, Angola, Europe, the North Sea and the United States. His last role at Chevron was as vice president of global drilling and completions, leading post-Texaco merger efforts and Unocal to integrate and apply drilling best practices. In 2006, he retired early from Chevron and joined BP as the Western Hemisphere Drilling Discipline Manager, where he later served as Vice- president of the GoM of drilling, completions and HSE. His tenure at GoM in 2008 and 2009 significantly improved the drilling and completion parameters, as well as the safety performance of the 8 to 10 rigs. and deep water teams under his direction.
He left BP at the end of 2009 and joined Talisman Energy in early 2010, where he was responsible for supervising ten exploration wells in international basins, including Indonesia and Sierra Leone in deep water over a period of two years. Drilling measurements and costs as well as safety performance improved significantly in all ten wells. In 2014, Talisman drastically reduced its exploration program and Lacy left to go into private consulting. Since then he has worked as Vice President of Technical Staff at PetroSkills and then as CEO of Drillsage (formerly known as PRTS), a real-time drilling information system start-up. He is a recognized industry leader in improving safety and drilling performance and in applying technology as part of a disciplined planning and execution process for complex and remote wells.
Pursuant to this appointment, the Company granted Mr. Lacy incentive stock options (“Options“) to purchase 400,000 common shares of the Company, subject to regulatory approval. The stock options were granted on January 5, 2021 under the stock option plan of the Company. Company and may be exercised at a price of $ 0.495 per share, which expires January 5, 2026. These options vest as follows: (a) 1/3 of the options immediately granted; (b) 1/3 of the options granted to the ” six-month anniversary of the grant of the option; and (c) 1/3 of the Options granted, i.e. the remaining amount, on the first anniversary of the grant of options, subject to an acceleration clause of the acquisition by virtue of certain events.
About CGX Energy
CGX Energy is a Canadian oil and gas exploration company focused on oil exploration in the Guyana-Suriname basin.
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This press release contains forward-looking statements. Forward-looking statements are frequently characterized by words such as “plan”, “expect”, “plan”, “intend”, “believe”, anticipate “,” estimate “,” could “,” will, ”“ would ”,“ potential ”,“ proposed ”and other similar terms, or statements that certain events or conditions“ may ”or“ occur ”in the future. These forward-looking statements are based on certain key expectations and assumptions made by CGX Energy. CGX Energy believes that the expectations and assumptions on which it develops forward-looking statements are reasonable; however, one should not place undue reliance on forward-looking statements as there can be no assurance that they will prove to be correct. events and conditions, by their very nature, involve inherent risks and uncertainties. Actual results could differ materially from those currently anticipated due to a number of factors and risks. In addition, other risks that may affect the forward-looking statements contained herein are more fully described in the Company’s most recent annual information form on SEDAR at www.sedar.com.
The forward-looking statements contained in this press release are made as of the date hereof and CGX Energy does not undertake to publicly update or revise any forward-looking statements or information, whether as a result of new information, future events or otherwise, unless so required by applicable securities laws.
For more information, please contact: Tralisa Maraj, Chief Financial Officer at (832) 300-3200
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