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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 Miftee9on Jan 27, 2022 12:06pm
211 Views
Post# 34366958

RE:RE:RE:Waiting Game

RE:RE:RE:Waiting GameSo, you would like them to come out and say we are $50M overbudget and we are going to have to do an equity raise to pay for it?  An announcement like this will likely kill the share price like it did last time.  What if they are negotiating a JV?  For now, we know FEC is fronting the money.  If they hit, it wont matter cause a JV or buyout is imminent.  If they miss, share price will crash and we will be back at square 1 and likely wont matter how they pay for it.  Likely still an equity raise and more dilution. Therefore, telling us how they are paying for it right now does not do us any good from a share price perspective IMO.  If you're not going to accept that this is a hit or miss scenario with drastic outcomes each way then one should get out now at $2.50.  Longs are in at a much lower cost base but most of us are greedy and looking for the grand slam. Being here over 20 years I am not going to get cold feet now.  I have not sold a share to date and am confident that thinigs are being taken care of in the background. I am mentally prepared for either outcome.  If you are not, one should reconsider their position GLTA.
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