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Repsol CEO Antonio Brufau Niubó. Image courtesy of RIE Elcano/Youtube.

Spain’s Repsol paid about $900,000 to CGX Energy Monday to settle a dispute over an offshore Guyana field.

CGX pursued arbitration against Repsol in 2013 after Repsol allowed a prospecting license for the offshore Georgetown clock to expire.

After the license expired, Repsol sought a new prospecting license, called Kanuku, that would include most of the Georgetown Block acreage.

CGX claimed Repsol violated the terms of its joint operating agreement for the Georgetown block.

In August, CGX won an injunction against Repsol to prevent the company from farming out Kanuku.

In addition to the settlement, Repsol has agreed to evaluate opportunities in the Guyana-Suriname basin.

Repsol was granted a ninety day option to present a farm-in proposal to acquire at least a 10 percent participating interest in the CGX operated Corentyne block, Demerara block or the Berbice block.

Toronto-baed CGX Energy and its subsidiary Pacific Rubiales Energy were also granted a similar farm in option for Kanuku.

“The parties look forward to the prospect of working together again in the future if and when the right opportunities arise,” CGX said.