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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

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Post by steamfitteron Sep 18, 2020 4:34pm
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Post# 31584310

Guyana and the United States Joint Patrols in disputed area

Guyana and the United States Joint Patrols in disputed area

GEORGETOWN (Reuters) – The United States and Guyana will begin joint maritime patrols aimed at drug interdiction near the South American country’s disputed border with crisis-stricken Venezuela, the U.S. secretary of state and Guyana’s new president said on Friday.

The agreement comes as U.S. oil major Exxon Mobil Corp, as part of a consortium with Hess Corp and China’s CNOOC Ltd, ramps up crude output from Guyana’s massive offshore Stabroek block, a large portion of which is in waters claimed by Venezuela.

“Greater security, greater capacity to understand your border space, what’s happening inside your Exclusive Economic Zone – those are all things that give Guyana sovereignty,” U.S. Secretary of State Mike Pompeo said in a joint appearance with newly-installed Guyanese President Irfaan Ali.

Pompeo is using his four-nation South America tour to ramp up pressure on Venezuelan President Nicolas Maduro, who has overseen a six-year economic collapse and has been indicted in the United States on narcoterrorism charges, to resign.

“We know that the Maduro regime has decimated the people of Venezuela and that Maduro himself is an indicted narcotics trafficker. That means he has to leave,” Pompeo told reporters during his appearance in Georgetown with Ali.

Venezuela’s information ministry did not immediately respond to a request for comment. Maduro, who accuses the United States of seeking to provoke a coup and seize control of the OPEC nation’s vast oil reserves, remains in power despite the 18-month campaign of economic sanctions and diplomatic pressure led by Washington.

The latest salvo in a century-long border dispute between Guyana and Venezuela that is currently being evaluated at the International Court of Justice came in late 2018, when Venezuela’s navy intercepted a vessel conducting a seismic survey on Exxon’s behalf.

A series of offshore oil discoveries in recent years have given Guyana, which has no history of oil production, the potential to become one of Latin America’s largest producers.

“We have had various difficulties and I think we welcome any help that would enhance our security, that would enhance our ability to protect our borders,” Ali said.

 

(Reporting by Neil Marks in Georgetown; Writing by Luc Cohen; Editing by Daniel Wallis)

 
 

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