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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

Comment by Rapsanion Feb 21, 2021 7:23pm
227 Views
Post# 32623128

RE:RE:drilling down....

RE:RE:drilling down....
But we do have a credit of up to $4.1millon with Rowan rigs for the cancellations of the Ralph Coffman, so I would think we'll be using a rg from them to use the "credit".

From CGX earnings end of year, 2019:

Rig agreement
During the year ended December 31, 2019, the Company executed a letter of understanding (“LOU”) with Rowan Rigs S.a.r.l. (the “Contractor”) regarding the drilling rig contract entered into on December 14, 2018, which required the prepayment of certain costs for the use of the Ralph Coffman offshore jack-up rig. Under the terms of the LOU, the Company has agreed with the Contractor that all operational obligations under the drilling rig contract will be deferred until the parties can enter into an amended agreement. The Company will not be entitled to the reimbursement of the mobilization fee under the terms of the LOU of approximately $1.17 million and, if an amended agreement is executed by CRI and the Contractor on or before July 1, 2020, the Company will receive a credit of up to $4.17 million towards payments due under the amended agreement.
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