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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 Feb 03, 2022 12:33pm
167 Views
Post# 34393626

RE:RE:CGX is a milestone around FEC's neck. CGX has no cash

RE:RE:CGX is a milestone around FEC's neck. CGX has no cashThey already merged in a sense. The PA and PPL is held in a JV between wholly owned subdidiaries of oyl and fec. Someone earlier asked about oyl's corporate structure and assets. It's all well disclosed and explained in their MD&As that come with their financial statements. The $19 million convertible loan is well covered and explained as well on page 14, if memory serves, of the "Quarterly Highlights" section. It doesn't look at all tangled to me, but I'm no financial expert. But, on the face of it, all arrangements between the two are publically well documented and easy to sort out.
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