CGX Energy Inc V.OYL

AGM Attendance Update

[Gtboy]

Hi All

I attended the meeting. To start off the entire mood was very positive and anticipatory. Joe (Jtdd), Davenand and I asked a ton of questions and Suresh answered every one of them but in summary all the answers came down back to the fact that we are still awatiing the lab test results of the Santonian and there is much anticipation of good news:

1. Suresh was very clear that CGX cannot and will not act prematurely to get the market excited without confirmed lab results. 
2. The question about the news in the media about CGX selling off assets or issuing more shares to fund othey wells, Suresh was clear that he did not say such and we need to be careful how we act on news via various meia outlets such as Oilnow etc as they do not represent corretly what the company has said. He further stated that any release from the company will be done via its official news release and only that we shoud rely on.
3. In terms of the valuation of the 4% issued to Fonterra for the overrun on costs on Wei1, he was adamant that an independent committee determined that and no board member or Fonterra had any play in that valuation. I asked whether Fonterra couldnt wait one more month for the results to get paid based on that revised valuation, he said that their stockholders wouldnt allow that.
4. There is interest in the find from other investors but management wants to ensure maximization of shareholder value so they so not want to entertain any until full results of Wei 1 is out.
5. Lessons were learned from Kawa and not repeated on WEi1 but the two wells provide enough evidence of the good potential of the block.
6. If the final results of WEI1 shows light crude in the santonian it will be the single largest find amongst minors.

There were lots more questions and answers of which Joe or Dave can add here. The only dissapointment for me was that the meeting was not on Zoom as well for other shareholders to access the meeting and ask questions of their own.

GT

[SheDrills]

"If the final results of WEI1 shows light crude in the santonian it will be the single largest find amongst minors." is this a direct quote and does he mean worldwide or in the Guyana basin? Because minors haven't found commercial hydrocarbons in the Guyana basin as yet so that statement means nothing.

[chulo123]

Thanks

[Schreibzey]

Thank you. Regarding #3 above, he told me in an email himself that it was evaluated by an independent team.....unfortunately independent in name only. Dennis mills leads the specialty committee and he is hardly independent. I couldn't resist. Did you notice any audio visual equipment that they may release transcript at a later time?

[SheDrills]

EXACTLY...surrounded by people hand picked by Frontera including Durkee "VP of Development"

[Schreibzey]

Further to #3, the shareholders that wouldn't allow it were gramercy and catalyst. I'll bet that independent committee Faught by hard for the CGX shareholders. The valuation hitting the street might have cost more than $16.5m. Suresh, you're a puppet! 

[chulo123]

This particular situation reminds me of cartoons. All of us a small shareholders fighting with big ones. I would prefer to wait till good results, light crude in santonian, and forget these guys forever... Not anymore. I will go with my money very far from suresh and his gang.

[jtdd]

As far as number 6 goes, ("If the final results of WEI1 show light crude in the santonian it will be the single largest find amongst minors."), I would like to clarify. I was at the meeting and I think Gtboy may have misinterpreted this comment. First of all, it didn't come from Suresh. There was a shareholder there who commented on the 210 feet of potential pay in the Santonian and

[SheDrills]

Thanks! Did anyone happen to press them on results timing? I would think they know if this is coming w/in a few weeks.

[jtdd]

They wouldn't elaborate but I got the impression it's going to be relatively soon.

[firo1988gt]

I understand everyones frustrations especially when you only hear inacurate assumed information from other posters.  I have only just arrived home as the trip to the AGM is three hours driving and one hour on the go train.  This makes for a total travel time of 8 hours.  The AGM was very well attended with the most attendees I have seen in about the last eight years. Those in