CGX Energy Inc V.OYL

Time Bomb ?!

[Oregonduck]

Cart before the horse? The money is due before the Wei-1 well is drilled.

Nov 30 is the drop-dead due date for the US$19 million convertible bonds with loan shark15% interest.

Frontera (FEC) predecessor Pacific E & P - once the largest oil co in Columbia with 10,000 employees - was forced to file for bankruptcy protection in 2016. They missed paying some bond payments with total debts of $5.4 billion. They had a takeover bid for $6.50 that shareholders rejected and saw their stock went to zero a few short months later. FEC came out of bankruptcy proceedings rolling back their shares 1-new-for-100,000-old and reopened at $60, now trading at $10.

I see FEC will merge OYL into its fold as a 100 percent subsidiary since OYL holds the titles. They now owned 79% equity. They might then look for a JV partner since no company out there will do a JV with OYL as a minority shareholder. The estimated cost of $130 million for Wei-1 is astronomical. 

Before the major discovery in Guyana, Exxon spent $100 million drilling a duster there.

[whyworry]

Yeah, the sky is falling... The loan maturity date has already been extended from June 30 to July 31, then to Sept 30, now the end of Nov, initailly to finalize the farm in, now waiting for final TSX approval.  If FEC was gonna pull the plug they would have done it July 1, and could have done it countless times before.   Go back to posting memes of kids crashing their bikes on

[whyworry]

Aug 22 NR for anyone new... Aug 22 NR "In addition, the Company announces that the US$19 million convertible loan outstanding to Frontera, previously announced on April 16, 2021 and May 28, 2021, and originally maturing on June 30, 2022, has been extended to July 31, 2022 and then subsequently to September 30, 2022 to allow for the completion of the Agreement (the "Loan Extension"

[BoykJurko11]

I'm getting old and too lazy to look it up but didn't fec apply to get on the "big league" tsx and off of the ventures exchange? If yes, then they will do nothing that frustrates minotity shareholders that might invite class action law suits.The tsx is designed in such a way to protect shareholders interests. Getting listed there means that the companies have been vetted and big

[a2bman]

BJ - "The tsx is designed in such a way to protect shareholders interests. Getting listed there means that the companies have been vetted and big money institutional investors can be assured that what they invest in are not scams" TSXV has tiers, higher tiers have more onerous governenance and reporting rules.  There are big instiutional investors all over TSXV listed companies

[waitingstill]

Wow OD. You are soooo well informed. I don't think any of us here knows the history of fec and oyl. Can you share more of your vast knowledge and insght with us?! Or, better yet, just pi$$ off?