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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 Dirksidetrackon Sep 09, 2021 6:56am
146 Views
Post# 33829958

RE:RE:RE:RE:RE:Share price

RE:RE:RE:RE:RE:Share priceWell someone seems to think that the probabilty of success is very or why else would the sp be hovering around $2. The financial statements of June 30, 2021 are "consolidated" meaning that they are reporting on all CGX subsiduaries. They also give extensive information on all of the PAs and PPLs held by their subsiduaries. In note #9 it says that CGX can recover $155 million on past costs incurred on the Corentyne block against future production. I am no legal or finance guy but does this mean that if Kawa1 in the northeast quadrant of the Corentyne block hits oil then CGX's recovery of past costs takes precedence over any other claims to profits? I'm still trying to unravel and interpret all of the information presented in the financial statements and CGX says that yet more is available at sedar.com so I am way over my head on this. But on the face of it, it seems that if they hit then $155 million will be flowing into CGXs bank account. Are there any financial and/or legal guys out there who can clarify this? Also yes I know that Catalyst Capital specializes in rescuing distressed companies. These are all financial guys. John Cullen, one of the founders of CGX, who left and started his own company is also a financial guy. De Alba is a financial guy. These hedge funds are excellent at finding hidden value. So what is their end game here? My bet is that it is to build an oil company. But I might be wrong but it makes more sense that their return on investment would be much higher growing CGX than by chopping it up and shopping out the parts.
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