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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 SheDrillson Nov 15, 2023 10:18pm
268 Views
Post# 35738285

Partial acreage relinquishment

Partial acreage relinquishment These terms for partial acreage relinquishment have been known since the license was first signed. It's part of the global standard exploration terms where companies get first peak at a huge volume of land and then over time they "trim the fat" or relinquish less desirable acreage to focus their efforts on what they believe is the sweet spot.  The government then holds another lease round and other companies can purse the risker acreage while the original company works to bring their discoveries onto production.

Anyone who didn't already understand this hasn't done their due diligence.

CGX & Frontera are retaining the entire Northern Corentyne acre that they had run seismic on.  That's where the prospects that make up the resource report from 2021 are.  They were never going to do anything w/ the acreage they released...they didn't even have good seismic there.  This is the way. 
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