CGX Energy Inc. (TSX: V.OYL, Stock Forum) responded to recent market activity Wednesday after the stock gained 103% to $1.52.
Wednesday’s gain means the stock is up 193% in the last three trading sessions, leaving a market cap of $142.5 million, based on 94 million shares outstanding. The stock had previously been trading in a range of 79 cents and 16.5 cents.
At the request of the Industry Regulatory Organization of Canada (IIROC), released a statement saying it wishes to confirm that the company has fully disclosed all material news regarding the company and is not aware of any reason for recent increase in market activity.
CGX is a Canadian oil and gas exploration company with a focus on oil exploration in the Guyana-Suriname Basin.
The United States Geological Survey (USGS) identified the Guyana-Suriname Basin as having the second highest resource potential among unexplored oil basins in the world, CGX said on its website.
The USGS estimated that recoverable oil reserves in the basin stand at 13.6 billion barrels, with gas reserves pegged at 32 trillion cubic feet.
Two weeks ago, the company issued statement saying there had been various media reports with respect to a possible discovery by Exxon Mobil Corp. (NYSE: XOM, Stock Forum) in the Sabroek Block, offshore Guyana. The Stabroek Block is immediately adjacent to the company’s Corentyne Block.
