CGX Energy Inc V.OYL

Alternate Symbol(s): CGXEF

Energy Oil & Gas E&P

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

CGX Energy Inc > Simply Wall Street Article

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Comment by whyworryon Aug 16, 2023 4:05pm

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Post# 35591708

RE:Simply Wall Street Article

RE: Legal action

Soulfire, you present an interesting question. Management claims that the transactions transferring working interest are exempt from MI 61-101 because "the issuer is not listed on specified market".

Interestingly, TSX.V Policy 5.9 states "This Policy (MI 61-101) applies to all Issuers listed on the Exchange or Companies seeking listing on the Exchange".

Could a formal objection from minority shareholders sway the exchange? This may be a question worthy of presenting to qualified counsel.

The transfers of WI have resulted in a meaningful increase of the majority shareholder's ownership of the Corentyne, while reducing the minority shareholder's ownership by more than half.

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A junior copper-gold stock trading at a bargain of monumental proportions