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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 firo1988gton Jun 27, 2013 7:53am
51 Views
Post# 21575695

RE:Special Meeting of shareholders

RE:Special Meeting of shareholdersDareau--I did attend along with Slotmore.  Nice to have met him.  The biggest news was that they say it takes months to get all the ducks in a row for drilling.  That being said they are working towards drilling August or September 2014.  They are updateing thier web site with all the slides they showed us yesterday.  All voted items were seconded and passed.  They mentioned Pre owns 64% of shares.  CGX will remain CGX and not be bought out.  They have 14 million in the bank and have a burn rate of 350 to 400 thousand a month.  They mentioned that Eagle shallow had sand which was wet.  Also a bottle of oil was given to Guayana govt but not sure which well that came from.  Because thier licences were about to expire was one of the reasons they couldn't get a joint venture previously.  Now that they have a 10 year licience renewal and consolidation things should be better for a joint venture.  Very many multi nationals in the area and it is getting crowded.  They hope to get back into the the licienced area which they lost to Repsol but that happened because they had no money.  They hope by the time Repsol is ready to drill that they can joint venture with them.  One of the most informative meetings I have attended and suprisingly the room was basicly empty.  I have rambled trying to piece together what happened at the meeting.  I hope I have accurately listed what was told to us.  Please check thier web site in case I missed somethin or misrepresented any information.  Fiero
Bullboard Posts