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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.


TSXV:OYL - Post by User

CGX Energy Inc
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Post by Qwerty123456on Dec 13, 2017 8:18pm
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Post# 27152304

CGX renewals / funding

CGX renewals / fundingAccording to the financial statements posted to the Sedar website in mid November CGX continues its negotiations with the government re Corentyne and Demerara. By my estimate that makes it up to six quarters (18 months) the negotiations have been ongoing in whole or in part. 

It also appears based upon my read of those same financial statements that the company has now exhausted its funding from Frontera under bridge loan 1, 2 and 3. There was some extension referenced to Spring 2018 but I believe that was only for paying interest.

Rather than CGX paying back the principle they owe Frontera (with interest), Frontera can instead take a pledge of CGX shares. I am wondering as there has not yet been any news since mid November on further funding (i.e. bridge loan 4) if a pledge of shares is indeed coming? Obviously the renewals would need to be dealt with first. 

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