CGX Energy Inc. has entered into a binding letter of intent (LOI) with Teikoku Oil (Suriname) Co., Ltd., a wholly-owned subsidiary of INPEX Corporation ("INPEX" and CGX Energy, the "Rig Sharing Group"), and Japan Drilling Co., Ltd. (JDC), for use of the jack-up drilling rig known as the "Hakuryu-12" rig.

The LOI forms the basis of the definitive rig agreements between JDC and each of the members of the Rig Sharing Group. The members of the Rig Sharing Group are required to enter into definitive rig agreements with JDC in order to reduce mobilization and demobilization costs. The Hakuryu-12 rig will be delivered to Trinidad between April 1, 2015 and May 1, 2015.

Tags: CGX Energy Inc.