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.

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CGX Energy Inc > 257 million reasons

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Comment by Zibo510on Jul 01, 2024 12:53pm

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Post# 36113403

RE:RE:RE:257 million reasons

If CGX is granted an extension I wonder what the terms will be.

I am sure Guyana will want a committment of further development with some form of financial commitment on CGX's part.

Since CGX is broke I wonder what Frontera has for a game plan since Guyana seems to want proof of financial commitment going forward.

Something definitive has to happen very soon since CGX is running on empty with a now expired PPL.

Since the PPL has now expired is it possible for a 3rd party interested in Corentyne to deal directly with Guyana since CGX has lost ownership of Corentyne.

Just thinking out loud here but this story is getting more complicated IMO..

One thing for sure is that CGX is not in a strong negotiating position since the PPL has now expired.

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This junior mining stock offers billions in market exposure