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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 Beaner1814on Dec 15, 2021 6:13pm
358 Views
Post# 34234797

Have we forgotten JDC is presently restructuring its debt?

Have we forgotten JDC is presently restructuring its debt?

Absolutely love the buzz and the speculation as to what is going on with the sudden volume and depressed share price, but have we forgotten that since October 2018 JDC owned 14,752,764 shares of CGX? That in comparison to when it initially entered into a contract with CGX in January 2016 was 16,522,500 shares. And since 30 September 2021 JDC has come to an agreement with close to 100% of its creditors to restructure the company and settle its debts. 

As shares are assests, one can only imagine that the most likely of all shareholders offloading at this time would be the one needing to liquify its assets as creditors don't care whether or not Kawa-1 is a gusher. If anything I would strongly suggest FEC snake those shares back through a private deal.

Personally, I could care less as to what is occurring presently with the share price as there is no news to back it up. The exchange is open every weekday, save for holidays, so shares will be traded.

I applaud those that are averaging down or re-entering at a lower share price as I have faith shareholders will not be disappointed with the outcome.

glta

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