The company currently owns 58.7 million shares of CGX, which were acquired through a bought deal financing that closed in October 2011.
Pacific will hold a 35% stake in CGX on a non-fully diluted basis ,upon issuance of the new units.
The company has also entered into an agreement to provide technical assistance to CGX in respect to its operations.
Pacific CEO Ronald Pantin said,"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."
Pacific also has the option to participate in each of the next commitment wells to be drilled on the Corentyne and Annex offshore Petroleum Production Licences in Guyana.
The company must however invest 50% too finance exploration well costs and certain seismic costs, in exchange for a 33% interest in the licences.
