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Pacific Rubiales Energy Corp. has entered into a technical services agreement with CGX Energy whereby Pacific Rubiales will provide technical assistance to CGX in respect of its operations. In addition, the company will have an option to participate in each of the next wholly owned commitment wells to be drilled on the Corentyne and Annex offshore petroleum production licenses in Guyana, South America, by funding 50% of the exploration well costs and certain seismic costs, in exchange for a 33% interest in the respective licenses.
Ronald Pantin, chief executive officer of the company, commented, "Through our ownership in CGX, the technical services agreement and a direct earning option, the company will be participating in an exploration campaign in an offshore basin with analogous geology to West Africa and Brazil.”