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CGX Energy Inc V.OYL

Alternate Symbol(s):  CGXEF

Energy Oil & Gas E&P
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

CGX Energy Inc > News
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Comment by AVandelayon Mar 11, 2022 1:40pm
271 Views
Post# 34507307

RE:RE:RE:News

RE:RE:RE:NewsCan CGX repay the loan from Froterra by issuing shares at CGX's option?  The press release reads that it is only at Fronterra's option that the loan can be converted to CGX shares.  If CGX doesn't have the funds to repay the loan by July 31, couldn't Fronterra just seize the loan collateral (i.e., all the assets of CGX, and specifically the lease interests)?  Come July 31, wouldn't it be in Fronterra's interest to not extend the loan and not convert it to CGX shares?

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