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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 waitingstillon Mar 05, 2021 1:27am
198 Views
Post# 32725476

RE:RE:Drill plans

RE:RE:Drill plansNot missing that at all. I know they are completely funded (backed up by FEC) to drill Kawa. That is great news. It puts CGX in a much stronger bargaining position for a potential JV. They should not be able to be pushed around. Esp with De Alba having such a big role in both companies. He obviously knows FEC plans and I would hope he is the one dealing with any potential partners.

My "disappointment" is that Makarapan plans are not solidified like Kawa's plans. I would rather have two holes to drill than one. I suspect that if/when the JV is inked, Makarapan will be on the slate for back to back holes and I think FEC did not want to commit (or perhaps did not have considering they put $295mil towards this years budget) money for a second hole at this time.
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