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CGX Energy Inc V.OYL

Alternate Symbol(s):  CGXEF

CGX Energy Inc. is a Canada-based oil and gas exploration company. The Company is focused on the exploration of oil in the Guyana-Suriname Basin and the development of a deep-water port in the Berbice, Guyana. The Company holds interests in three petrol prospecting licenses, such as Corentyne, Berbice, and Demerara Blocks in the Guyana Basin. The Company has drilled two operated exploration wells on its offshore Corentyne Block and drilled three more exploration wells on its onshore Berbice Block. In addition, it has acquired and processed over 7,000 square kilometers of three-dimensional (3D) seismic data on its offshore licenses. The Company through its wholly owned subsidiary, Grand Canal Industrial Estates Inc. The Company is engaged in the development of the Berbice Deep Water Port in Region 6, Guyana. Its other subsidiaries include CGX Resources Inc., ON Energy Inc., and others.


TSXV:OYL - Post by User

Bullboard Posts
Comment by catkinon Feb 26, 2014 2:28pm
206 Views
Post# 22254838

RE:RE:news release

RE:RE:news releaseWaitingstill, what it means is that in the near future the MOU will be signed and sealed and at the same time there could also be an announcement of a JVP with INPEX/PETRONAS/CGX on say a 25/25/50% basis with CGX holding the 50% on the commitment well on Corentyne. CGX will use some of the money put aside by PRE and this could ultimately push the stock up to $14 at the time of drilling. This is my belief, and others can make what they want of the current situation. Although PRE may own 70% of CGX they have committed to keeping CGX as (basically) a subsidiary of PRE. This would allow them to fund their subsidiary for 70% of the profits while also not upsetting the major Guyanese investors that could kill the situation for them if PRE took CGX out. CGX is still considered (by some) as Guyana's national oil company.
Bullboard Posts