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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Comment by shleevoon Jul 16, 2012 10:01am

392 Views

Post# 20116540

RE: RE: Wait for it

Tough pill to swallow on a Monday morning...I figured we'd have a bit of a run before news...The good news is, there's light oil which is confirmed. We haven't reached TD either where the elephant is. ED is now de-risked. CGX has no funds to do any further drilling, BUT...with these results I so no reason why they can't partner with PRE and at least one other major to drill ED without raising any further funds. That's the only scenario I see happening that can keep CGX in the game other than a buyout.

GLTA

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