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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

Comment by Rapsanion Feb 21, 2021 7:23pm
238 Views
Post# 32623128

RE:RE:drilling down....

RE:RE:drilling down....
But we do have a credit of up to $4.1millon with Rowan rigs for the cancellations of the Ralph Coffman, so I would think we'll be using a rg from them to use the "credit".

From CGX earnings end of year, 2019:

Rig agreement
During the year ended December 31, 2019, the Company executed a letter of understanding (“LOU”) with Rowan Rigs S.a.r.l. (the “Contractor”) regarding the drilling rig contract entered into on December 14, 2018, which required the prepayment of certain costs for the use of the Ralph Coffman offshore jack-up rig. Under the terms of the LOU, the Company has agreed with the Contractor that all operational obligations under the drilling rig contract will be deferred until the parties can enter into an amended agreement. The Company will not be entitled to the reimbursement of the mobilization fee under the terms of the LOU of approximately $1.17 million and, if an amended agreement is executed by CRI and the Contractor on or before July 1, 2020, the Company will receive a credit of up to $4.17 million towards payments due under the amended agreement.
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