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CGX Energy Inc V.OYL

Alternate Symbol(s):  CGXEF

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.


TSXV:OYL - Post by User

Bullboard Posts
Comment by canbeam2004on Aug 15, 2012 1:11pm
364 Views
Post# 20220713

RE: RE: Waiting for.....

RE: RE: Waiting for.....

What advantage does CGX have over others for the licences?  Yes, they apparently put in money years ago during the boundary dispute, but I think they cashed in that ticket with the last extension.  I'm concerned with some company(s) coming in with a sweet deal for the government to take over the licences.  It would seem to me that the government will be looking for action and commitment.  If CGX doesn't have a JV partner, what commitment could they make?  It is a chicken and egg situation.  I don't know much about this business, other than buying in at 86 cents 18 months ago seems to have been a big mistake, but I think CGX needs a JV partner now to convince the government of their strength, and to maintain any interest in the area. Having a weak sister, without direction, controlling large areas won't be in the government's best interest.  CGX presently has a carrot to hold to a JV partner, who can enter into an agreement conditional on obtaining the licence renewal.  I wouldn't do it any other way.

Bullboard Posts