RE:A PROPOSALFrontera paid the Inpex debt obligation in 2018. Subsequently, CGX paid off the balance owned to Frontera as part of financial restructuring in early 2019.
I repeat again - all CGX outstanding balances owed to Inpex, Frontera and JDC have been settled. Outstanding payment obligations to date are nil.
Below is from CGX Financial Statements dated Sept 30 2019
Under the Rig Sharing Agreement, the Company owed approximately $2.9 million to INPEX for shared costs incurred in the utilization of the Rig. INPEX agreed to allow the Company to defer payment until December 1, 2015. This amount was included in trade and other payables as at December 31, 2018. In accordance with the Rig Sharing Agreement, since the amount was not paid in full by December 1, 2015, amounts outstanding shall accrue interest at a rate of Libor plus 7% per annum. During the year ended December 31, 2018, Frontera in a transaction separate from the Company purchased the rights to the amounts owing to INPEX by the Company directly from INPEX. On May 28, 2019, this amount including all accrued interest and other assumed payables for a total of $3,902,698 was settled as partial payment for the signing bonus under the JOAs and as a result at September 30, 2019, the total amount in trade and others payables owing now to Frontera for principal and interest related to the cancelled rig agreements was $Nil (December 31, 2018 - $3,792,968).