Feb 22 (Reuters) - CIMIC Group Ltd CIM.AX :
* Update on gorgon contract CIM.AX
* Notes recent media reports regarding the status of negotiations between cpb contractors together with its consortium partners and Chevron (N:CVX) Australia
* Cimic reiterates the guidance for 2016 npat is in the range of $520 million to $580 million
* Confirms that on 9 February 2016 a notice of dispute was formally issued by the consortium to Chevron
* As noted in our announcement of 10 February 2016, Cimic determined that the process needed to progress to the next step"
* Says as at feb.22, cimic's share of consortium's total amount under negotiation equals approximately $1.86 billion
* Confirms view that cpb remains entitled to amount exceeding $500 million which will continue to accrue and costs
* Source text