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.

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Post by westcanprideon Mar 24, 2022 4:04pm

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Post# 34542948

Question

I have a question that I do hope someone can help answer.

If the recent $35MM USD loan gets extended by Frontera past July 31, 2022, do all the previous conditions (i.e., conversion rate into CGX shares at $3.10CAD) still remain and the only difference is the new interest rate is 15% (versus the current 9%)? Or does Frontera have the ability to redo the terms of the conversion rate?

I ask because the current share price would need to grow ~90% to reach the $3.10CAD loan rate. In the absence of a JV agreement with a major IOC/NOC, its entirely plausable the share price could stay below $2 leading into Wei-1. Just curious to see what other folks think.

Thanks.

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