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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

Post by soulfireon Feb 25, 2021 10:27am
345 Views
Post# 32657277

Could EXXON be our new partner

Could EXXON be our new partner

ExxonMobil to sell North Sea assets for over US$1B to focus on Guyana


Kaieteur News – American oil giant, ExxonMobil, disclosed yesterday that it has signed an agreement with HitecVision, through its wholly owned portfolio company, NEO Energy, for the sale of most of its non-operated upstream assets in the central and northern North Sea of the United Kingdom. The sale price of more than US$1 billion is subject to closing adjustments, and has additional upside of approximately US$300 million in contingent payments based on potential for increase in commodity prices.
On the heels of this announcement, Neil Chapman, senior vice president of ExxonMobil said, “We continue to high-grade our portfolio by divesting assets that are less strategic and focusing our investments on our advantaged projects that are among the best in the industry.” In this regard, Chapman said that the company’s most prized resources are in Guyana, the U.S. Permian Basin, and Brazil. He said too that ExxonMobil is focused on increasing earnings potential and generating strong cash flow to fund future capital investments, reduce debt and maintain a reliable dividend.
Kaieteur News understands that the agreement includes ownership interests in 14 producing fields operated primarily by Shell, including Penguins, Starling, Fram, the Gannet Cluster and Shearwater; Elgin Franklin fields operated by Total; and interests in the associated infrastructure. ExxonMobil’s share of production from these fields was approximately 38,000 oil-equivalent barrels per day in 2019.
Further to this, ExxonMobil will retain its non-operated share in upstream assets in the southern North Sea, and its share in the Shell Esso Gas And Liquids (SEGAL) infrastructure that supplies ethane to the company’s Fife ethylene plant.
The transaction is expected to close by the middle of 2021, subject to regulatory and third party approvals.
ExxonMobil was keen to note that it has operated in the U.K. for more than 135 years and continues natural gas sales, refining and chemical operations, the marketing of lubricants and petrochemicals, and the marketing of fuels through a network of more than 1,300 independently owned Esso-branded retail sites.

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