Looks like this is one to watch. Word of rich finds in the underwater oil fields. A very volitile area as well.
This was news yesterday ...
Saturday June 3 9:53 PM ET
Suriname Evicts Oil Rig in Dispute With Guyana
By Ank Kuipers
PARAMARIBO (Reuters) - Suriname's navy forced a Canadian oil company to remove a rig on Saturday
from an off-shore concession granted by Guyana as a simmering border dispute between the South
American neighbors came close to a boil.
No shots were fired in the incident, which occurred after Suriname's air force spotted the platform
preparing to drill for oil in what the former Dutch colony of 450,000 people considered to be its territorial
But Guyana's government reacted by calling Suriname's action ``intimidatory and hostile'' and ``a serious
threat'' to the lives of the firm's workers in the potentially oil-rich area.
In a Foreign Affairs Ministry statement, Guyana also reiterated its position that it ``will maintain a strong
diplomatic offensive and will be prepared, at the military level, to protect its borders.''
The platform was towed out of the disputed zone in the Atlantic Ocean just off South America's
northeastern shoulder after its personnel were told ``in no uncertain terms that they should leave
Surinamese territory,'' Suriname's Army Chief Glenn Sedney told a news conference.
Suriname had warned Guyana on Friday that it would take ''appropriate measures'' to stop what it
considered to be an infringement of its territory.
``We are still in the area and we will stay there until we are certain that no activities will be carried out,''
Call For Talks In Trinidad
Guyana denied that the platform, which belongs to Canadian oil exploration company CGX Energy
Inc(Vancouver:OYLu.V - news), was situated in Surinamese waters.
The Foreign Affairs Ministry called for talks between the two governments to be held within a few days on
the nearby Caribbean nation of Trinidad and Tobago to ``lay the basis for a ... resolution of the current
CGX officials confirmed that the platform, which had been towed to the site from Trinidad and Tobago,
had left the area, which is surrounded by other oil concessions operated by foreign companies. The
Guyanese government said the firm withdrew the platform to an area within its concession that is not
claimed by Suriname.
CGX, which won its concession in 1998, declined to comment further.
It was the second time in just over a week that Guyana, a former British colony of 800,000 people, had
been reproached by its neighbors for awarding concessions in disputed border areas.
Western neighbor Venezuela slammed Guyana last week for granting a concession for a commercial
rocket launch site to a U.S. company in an area that Venezuela has long claimed.
Officials in Suriname said the territorial dispute dated back to colonial times and revolved around which
side of the Corantine River that divides the two countries was taken as the official border that extends off
The last serious border incident between the two countries occurred in 1969, when Guyanese troops
evicted Surinamese soldiers from southeastern Guyana. Shots were fired but no one was killed.
The new border spat came just over a week after Surinamese voted in general elections in which
President Jules Wijdenbosch's party won just three of the National Assembly's 51 seats. A meeting of
the National Assembly to elect a new president has not yet been scheduled.
Well, this company is here for your consideration. It is traded on the US side w/a call to your broker. The price is around $1.60 currently.
Any input would be appreciated.
Do your own research/DD.
Best of trades!