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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 ohcanada17on Dec 27, 2019 7:44pm
137 Views
Post# 30495809

RE:RE:Westcanpride

RE:RE:Westcanpride
westcanpride wrote: Thanks everyone for your thoughts. Stepping back to Dec 2018, it certainly came as a shock to most that CGX was able to secure Fronterra as a JV partner. Given the extraordinary control Fronterra has over CGX now via their shares (plus 33% stake in two concesssions), all we can do is hope that Frontera helps maximize the greatest JV deal going forward.... I can absolutely see Fronterra support a JV that sees someone like Shell or Total gaining 33% of both Corentyne and Demerara. At this point, we need massive amounts of cash. As we are seeing with Apache right now, any drilling problems result in very costly repairs/down rig time. Not exactly like we are sitting on billions of cash. Hopefully this 3D seismic gets processed and interpreted in 1Q 2020 and we see a positive JV.


I think nothing much happens until the seismic is interpreted..... Am I correct in saying that the expectation is that this will be happen sometime in January?
Bullboard Posts