CGX Energy Inc V.OYL

Idiots

[westcanpride]

Link at bottom. Bottom line, a farmdown/complete sale needs to occur asap to someone. It's clear Suresh and his "connections" to the government are dwindling very fast.... we used to own so much land offshore Guyana. Now it's down to ~1000 sq km (which yes is still a huge ton... but it's a bloody crying shame we couldn't get even a penny for the blocks we relinquished... talk about horrendous asset management). The government has seen the light with Exxon JV/external interests in other offshore blocks, and now realize they have two worthless companies killing time with northern Corentyne... and even worse, idiots like Vega making public statements that purposely kill off discovered resources. The government no doubt is probably furious. 

No wonder Frontera stock also lags tremendously... they own 90% of this entire northern Corentyne play via shares/WI and now have everything riding on a JV/farmdown. They don't have the money to continue drilling wells and exploring uphole targets for optimal production capacity. 

Bloody fuc*in morons across the board in both CGX and Frontera. Hopefully this investment bank Houilian Lokey can pull off a miracle for everyone involved. Sure as hell no loser currently involved with either company will be able to do anything going forward, that's for bloody sure. 

https://newsroom.gy/2023/11/17/cgx-gets-two-years-to-determine-viability-of-oil-find-at-corentyne-block/

[SheDrills]

No one will likely do anything until the appraisal period is extended...IMO that's the next piece of the puzzle that needs to fall into place. Recently Oilnow commented discussions are underway and it's probable they will be granted.  That's what I'm looking for next.

[LCSulla]

You put the horse in front of the cart. Get a deal. Show the govt the deal and you'll get the last favor the govt will give to these companies.   Westcampride succinctly and accurately described the past, present and future. Never was a fan because of his constant bashing but I'm in now in full agreement with his take. This past week was pivotal.  Time is the essence. 

[LCSulla]

Horse cart in front blah blah blah. You guys get the point.  This situation is making me lose my mind.  

[SheDrills]

The government will have to approve any acreage reassignments/deals so expect that to be a parallel process.  No one will farm in w/out an appraisal extension which is why talks have started.

[westcanpride]

If the government was smart, they would make it crystal clean to CGX/Frontera that the appraisal period will not be extended unless a new majority IOC/NOC owner is in place. This might actually force these two companies to do something proactive and thus useful for minority shareholders such as ourselves. Doing the opposite would be a complete waste.

[firo1988gt]

I totally agree.  That would work for both the government and us share holders.  GLTA FIERO