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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

Post by waitingstillon Nov 05, 2020 12:57pm
158 Views
Post# 31842801

Frontera CC

Frontera CCI listened to the Frontera CC. Minimal info on Guyana and basically read the sentence from their NR about how CGX is dealing with the govt. No question about it. Their reiterate their "strong balance sheet" although they are losing money. THey are working hard to keep their costs down and have hedged about half their production at $35 which is close to their break even point. $420mil in restricted cash (although that could be down to $360mil by year end), $260mil in unrestricted cash. No debt obligations until 2023. Best for everyone if CGX gets a partner soon and we get drilling!
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