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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 SportyJon Jul 24, 2022 9:45am
382 Views
Post# 34846169

It Is What It Is

It Is What It IsAfter digesting the posts from the most intelligent Board on the internet, for me these are my boiled down Pros & Cons. Btw, Beaner's use of "beguiled" wins the "Word of the Day" award. First the Pros: Today, Cgx has been carried in Kawa and will be carried in Wei for 32%. Cgx has also been carried for 66.67% in the dwp. Lastly, Cgx has about $4m in cash to hopefully fund g&a + It's share to finish the port within the next year. Fronterra has and will sink approx $250m in these efforts not to mention them buying $60m of CGX stock in the RO + whatever they invested in previous stock buys. So, FEC has invested a boatload of money in this endeavor and Cgx nothing. Fec still owns 78% or so in CGX and has a more than vested interest in seeing Cxg's value increase. Now the Con: very hard to be told about the billions of bbls of oil under corentyne from independent 3rd party study and be able to accept the deal that was announced; giving up 34.67%. I think I see both the positives and negatives but in the end, It Is What It Is. All imo.
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