CGX Energy Inc V.OYL

Partial acreage relinquishment

[SheDrills]

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.

[LCSulla]

We already "trimmed the fat" when we gave up the Demerara block.  Saying due diligence could have foreseen this possibility is a misnomer.   This is the guyanese gov't  saying they no longer care about us. They bent over backwards to make the local boys succeed and we failed....for the most part. Could they pull our port license now too since we haven't

[SheDrills]

You're flat wrong. Go read the contract terms.

[Dell1]

Please do some due diligence. This decision was done in the past in the best company interest. I have nothing to complain about.