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. It is focused on the exploration of oil in the Guyana-Suriname Basin and the development of a deep-water port in Berbice, Guyana. The Company, through one of its subsidiaries, holds an interest in a Petroleum Prospecting Licence (PPL) and related Petroleum Agreement (PA) on the Corentyne block in the Guyana Basin, offshore Guyana. The Company, through its subsidiary Grand Canal Industrial Estates, is constructing the Berbice Deep Water Port. This facility, located on the eastern bank of the Berbice River, adjacent to and north of Crab Island in Region 6, Guyana, is being constructed on 30 acres with 400 m of river frontage. Its subsidiaries include CGX Resources Inc., GCIE Holdings Limited and CGX Energy Management Corp. It is the operator of the Corentyne block and holds a 27.48% working interest. Its Wei-1 exploration well is located west of the Kawa-1 discovery in the northern region of the Corentyne block.

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CGX Energy Inc

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Post by deepthinkon Apr 16, 2010 11:39am

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Post# 16999991

IMF expect Guyana oil?

According to a recent review of Guyana by the IMF
"Upside potential [for the Guyanese economy] is related to the full implementation of the LCDS, the eventual exploitation of Guyana’s oil reserves and the sound completion of key large public-private investment projects over the next few years."

https://www.imf.org/external/np/sec/pn/2010/pn1048.htm

I find this a little strange since I didn't know that Guyana had any "reserves" but it appears that the IMF is convinced there is oil to be exploited.
Probably more within their expertise, the IMF has commended Guyana on its successful macro policies and the stability of the economy. This is really positive for CGX because domestic stability is essential to CGX's ability to make sound investments in Guyana.

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