RE:CGX’s exploration licences, plan for deep water harbour beinThank you Devanand1 for posting this recent article from the Guyana Chronicle.
Its very clear that the new Guyana Natural Resources Minister Mr. Bharrat is not wasting any time sugar coating how useless CGX management has been. More importantly, I love how he is not allowing CGX management to use Covid-19 as an excuse to not excute during the majority of 2020. Companies all around the world are still executing drilling programs (including Exxon and Apache within the Guyana-Suniname Basin) and he probably looks at CGX with utter disgust. I 100% guarantee he probably wants to eliminate CGX from any port building contracts ASAP and get some other serious company involved. Entrusting CGX with this responsibility is business suicide.
Perhaps a silver lining will be that Frontera will finally get there butts in gear and help secure a badly needed JV. Its clear CGX management and BoD will do absolutely nothing and need Frontera to do the real work. Its already happened with the recent seismic program and probably needs to happen with securing a new JV partner.
See what the next couple weeks bring. Maybe for once, CGX management is worried a tad bit and will actually do more than look at ways at screwing over long term shareholders with further share dilutions and worthless promises. If Mr. Bharrat can help light the proverbial fire under their butts, then all the power to him.