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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 Jun 22, 2015 1:04am
117 Views
Post# 23854069

RE:RE:phantom

RE:RE:phantomWaitingstill I think that the legal costs were closer to $7 million, that Guyana could not afford to pay! That being said, and the fact that Guyana won made CGX vary good friends with the Guyanese government. This, coupled with the fact that there are a lot of Guyanese investors in the company (including Onn energy, 68% owned by Guyanese) creates one draw-back to a potential JV partnership in the fact that all interested parties may be hesitant because of the CGX/Guyana government connection. CGX and the Guyanese government have to be very re-assuring in the sense that the government will not nationalize the CGX after the partnership!
Bullboard Posts