CGX Energy,Jerseys NFL Wholesale, faced with a debt of US$15M to Repsol Exploraci?n S.A. for the drilling of a well offshore Georgetown last year, yesterday announced that it has entered an agreement with GMP Securities L.P. (“GMP”) in connection with a proposed private placement of a minimum of Cdn$35M.The Canadian-based oil exploration company ran into financial problems last year after two offshore wells it drilled came up dry. CGX owned 100 per cent of the Corentyne block and 25 per cent of the well off Georgetown that was being drilled by Spanish-owned Repsol.CGX,Wholesale Jerseys 2018, as part of the plan to recover, also announced yesterday that it has also entered an agreement with Pacific Rubiales Energy Corp. (“Pacific Rubiales”), another Canadian company and a current shareholder, which could effectively give the latter up to 70 per cent control. There will be a shakeup of the directors and other CGX officers of the Company.However, the deal is subject to approval of the Canadian authorities…TSX Venture Exchange… and other customary closing conditions.According to CGX, approximately US$15M will be used to meet the company’s current default payment obligations owing to Repsol Exploraci?n S.A. (“Repsol”), Tullow Guyana B.V. and YPF S.A. who were all partners of the Georgetown well.Up to Cdn$4M will be used to pay off officers, directors, employees and consultants of the company who are likely to be let go once Pacific Rubiales takes over.The balance will be used to,Cheap NFL Jerseys Supply, among other things, fund expenditures related to the company’s “oil and gas exploration activities and for general corporate purposes”, CGX said in its statement.According to the oil exploration company, on November 26, 2012, it received a default notice in respect of its shares in the joint account expenses for the Georgetown well in the amount of US$11.5M.On January 24, the company said it was advised by Repsol that the total default amount had increased to US$14.939M.CGX said it did not have enough cash to meet the debt.“The company has negotiated a stay of any enforcement proceedings until March 22, 2013.? The company reports that the current default amount is significantly in excess of its cash on hand and, accordingly,Wholesale NFL Jerseys, the company currently has insufficient funds to satisfy this obligation and other near term obligations.”CGX said that a special committee of four “independent directors” was constituted to consider the proposed private placement and Pacific Rubiales investment. The committee determined unanimously that the company was in “serious financial difficulty, the private placement to Pacific Rubiales is designed to improve the financial position of the Company, and the terms of the private placement are reasonable in the circumstances of the Company.”CGX said that it expects that further financing will be necessary to ensure that it can meet its ongoing obligations.However it warned: “The ability of the company to continue as a going concern is dependent on securing the additional required financing,Cheap Soccer Jerseys, either through issuing additional equity, debt instruments and/or payments associated with a joint venture farm-out.?There can be no assurances that the Company will successfully raise additional funds.”Current Executive Chairman, Dr. Suresh Narine, a Guyanese will become a nominee of Pacific Rubiales on the new CGX Board of Directors.CGX also said yesterday that Pacific Rubiales intends for CGX to remain a public company after completion of the financing.CGX has licences to explore in the Guyana-Suriname Basin,Cheap Jerseys From China, an area in which the United States Geological Survey estimated a Pmean oil resource potential of 13.6 billion barrels in their Assessment of Undiscovered? Conventional Oil and Gas Resources of South America and the Caribbean, 2012.

Completion of the $78M sluice being constructed at Buxton, East Coast Demerara has been delayed over one year, with shortage of timber piling and poor weather conditions blamed.Construction of the sluice commenced in November 2011 and had one-year duration. The project is undertaken by Colin Talbot Contracting Services.This is according to Lionel Wordsworth, Chief Executive Officer of the National Drainage and Irrigation Authority (NDIA), who yesterday revealed some of the reasons for the delay.According to Wordsworth, the contractor was unable to access timber piling for six weeks from July 18,Cheap Jerseys, 2012 to August 31, 2012 since there was a shortage.But the timber tanking piles were unable to penetrate the soil strata within the footprint of the structure and the consultant,Cheap NFL Jerseys Free Shipping, E&A Consultant,Authentic Jerseys Cheap, recommended driving steel sheet piles, which were later sourced.“Because of the low demand and high cost for these steel sheet piles, local companies don’t readily have them in stock. These had to be sourced externally which took some time,Wholesale Soccer Jerseys Authentic,” he added.Another setback was that the foreshore did not allow for deep penetration of the strata to accommodate a coffer dam for the construction of the northern section of the structure north of the sea defence.As such advice was sought from Sea Defence Department and NDIA is concluding the connection of the sluice to the sea defence, which will see the completion of the project.In addition,Cheap Jerseys Paypal, poor weather conditions in September 2012 prevented the pouring of concrete for the foundation. However, this was rectified by the construction of an access road.He noted that the communities of Buxton and Friendship were designed to drain via a pump- sluice combination, whereby a fixed pump empties the water into a basin which drains via a sluice.However, the existing sluice has a flume/discharge box deep below the seawall which suffers from heavy siltation thereby not allowing the basin to drain. As such, NDIA placed a mobile pump to drain the discharge basin, he noted.“The new sluice being built is designed with a vertical lift gate to allow for free flow discharge in an open channel arrangement from the high level pump discharge basin onto the foreshore and will not suffer from foreshore accretion. The new sluice will provide a more efficient and reliable discharge of water from the drainage system,” Wordsworth said.

President Donald Ramotar is set address world leaders at the 67th session of the United Nations (UN) General Assembly on September 27 at the UN Headquarters in New York.Head of the Presidential Secretariat (HPS), Dr. Roger Luncheon at his weekly post-Cabinet press briefing at the Office of the President today said that the Guyanese Head of State will be engaged in a wide-ranging round of activities at this event that will see the launching of the Diaspora initiative.“The Diaspora initiative which is a web-based survey of Guyanese who would be registered with specific attention paid to their skills and that would be the basis for a compilation of the assets that the Guyanese Diaspora has command,Wholesale Jerseys From China,” the HPS explained.The information garnered from this initiative can be used in Guyana, and otherwise,China Jerseys NFL, to start planning policies that would explore and exploit the assets that are available in the Guyanese Diaspora.Moreover,Wholesale Jerseys Free Shipping, the opportunities with Guyana’s ascension to the chair of the Economic and Financial Committee of the 67th?Session earlier this year, are enormous for the country’s influence in the international arena to be seen and appreciated.This Committee deals with a wide range of development matters, will have a full agenda of issues to consider,Cheap MLB Jerseys Authentic, among them macro-economic policy questions,NFL Jerseys Outlet, sustainable development issues, including follow-up to the Rio+20 conference,China Jerseys, challenges associated with poverty eradication, globalisation, international migration and development, and the situation of countries in special circumstances such as Least Developed Countries, Landlocked Developing Countries, and Small Island Developing States.The General Assembly is the main deliberative organ of the UN. Decisions on important questions, such as those on peace and security, admission of new members and budgetary matters, require a two-thirds majority. Decisions on other questions are by simple majority. (GINA)

– Commissioner Commissioner of Police Henry Greene, speaking on the issue of improved responses to criminal activity in interior locations, said that the force is currently working on some new strategies. He pointed out that a soon to be established Anti Crime Special team will be operational in Bartica.The Commissioner noted that the force recognizes the rapid growth in Bartica more so in mining,Wholesale Soccer Jerseys Authentic, hence the need for innovative strategies. He further noted that from time to time the force has a roaming team which visits other interior locations with assistance from the Guyana Defence Force. He noted that only recently the team returned from Mahdia. Responding to questions of accessing interior locations,Cheap NFL Jerseys China, the Commissioner said most if not all stations in the interior are equipped with vehicles but the matter of repairs is always an issue.“It is not easy getting a vehicle in and out of these areas but we are working with what we have,”.The Commissioner further made mention of the force’s various security checkpoints heading into the interior. He noted that they have been very effective since there has been a reduction in crimes in the interior.In wake of the recent double-murder which occurred in Bartica, the mining community has called for a better response system on the part of the police. On Sunday last the bloody remains of Ramdeo Deonarine and his business colleague Jainarine Raghubar were left in a house for several hours awaiting a team of detectives from Georgetown.According to reports, the police arrived in Bartica some six hours after the discovery was made, despite the fact that Bartica is about a two-hour journey from Georgetown.The call for a better response system was further reiterated by Bartica’s Regional Chairman, Holbert Knights.In an invited comment, Knights said last Sunday’s occurrence was unacceptable. He further noted that recently there has been an increase in violent incidents in and around Bartica and the police are not capable of responding promptly.Over the past two weeks alone there were two fatal incidents which occurred in communities around Bartica and the response from the police was inadequate given the terrain to get to the locations. Only last week,Wholesale China Jerseys Free Shpping, a cook attached to a mining camp in Issano,Cheap MLB Jerseys China, was chopped to death. The week before a shop owner who operates a shop in Oku Backdam – a mining location just off Bartica – was set afire and subsequently died.In addition,Wholesale Stitched Jerseys, in relation to the double-murder,China NFL Jerseys, Knights said it was a very unfortunate incident that has sent shockwaves through the mining community. He however noted that given the rising price for gold, the industry has been attracting unwanted attention from criminals. Knights further stressed the need for businessmen within the mining industry to invest more in security measures.“These businessmen need to rethink their strategies since nowhere in Bartica offers safety deposit boxes, thus forcing persons to secure their possessions.”Knights further called for an increase in manpower for the police and the increase in capabilities to respond rapidly to incidents in far flung areas.

Randy Morris was yesterday remanded to prison on a charge of robbery under armsRandy Morris displays a bandage on his abdomen, where he claims to have been shot by policewhen he appeared before Magistrate Judy Latchman at the Georgetown Magistrate’s Court.Morris,Jerseys NFL Wholesale, 32, of Lot 263 Freeman Street, East La Penitence, was not required to plead to the indictable charge.It is alleged that on January 10 at D’Urban Street, Lodge, Morris and others robbed Mahdia businessman, Roger Hinds, of a quantity of gold and diamond jewellery, a 9mm Glock pistol and one .32 pistol, all totaling $9,680,000.Morris was represented by Attorney Gordon Gilhuys.The lawyer submitted to the court that his client was arrested at his girlfriend’s home, and was shot in the abdomen by police ranks. He claimed they locked Morris’s girlfriend in a bedroom before they committed the act. Gilhuys said that he was denied the opportunity to see his client when he turned up at the police station, where he said Morris was kept without medical attention.When given a chance by the court, Morris related his account of what transpired when the police arrested him,Stitched Cheap Jerseys, reiterating that his girlfriend was locked in a bedroom by the police when he was shot. He also said that he was placed on an identification parade, but the police had told him nothing of the results, only that he would be facing the court.A medical certificate was produced to the court in relation to Morris’s wounds. But police prosecutor Robert Tyndall explained that information received stated that Morris was not shot by the police but he in fact received injuries during a scuffle with ranks during his arrest.Gilhuys subsequently requested that his client receive a medical inspection by an independent doctor of his choice, where he would stand the expense of his check-up.The court agreed to the lawyer’s request, which led to the prosecution’s request for refusal of bail. Tyndall contended that bail should be refused to Morris because of the prevalence of the offence, the nature and its seriousness.The court then ordered that Morris be remanded to prison until Friday, March 16.Police believe that the suspects who robbed Hinds had received a tip-off that the businessman was heading to the city and thus conspired to rob him. Hinds, on January 10, last,Cheap NFL Jerseys 2018, was sitting in his pick-up outside of a relative’s residence at D’Urban Street, Lodge, when he was approached by two men armed with guns. The thieves relieved Hinds of a quantity of jewellery and two licensed firearms. He was shot once in the leg and arm.On January 26,Cheap NFL Jerseys co, last, Nortolan Martin of Lot WW7 North East La Penitence, Georgetown, was charged with the robbery of Hinds. Martin,Cheap NHL Jerseys China, who? appeared before Magistrate Hazel Octive-Hamilton ,said he was 17-years-old and that he still attended school. He was remanded to jail.On Saturday,Cheap Jerseys China, last, police released a press statement claiming that Morris was wanted for questioning in relation to a number of armed robberies. They said that the man had been grazed by a bullet when a rank opened fire on Morris who allegedly attacked armed ranks with a knife when they entered a house at Quamina Street at around 23:30 hrs.The police are currently seeking the advice of the Director of Public Prosecutions (DPP) as to whether the two persons charged for the robbery of Hinds should be heard together.