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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CGX Energy Inc > Re Question

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Comment by IceDog13on Mar 25, 2022 11:04am

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Post# 34545435

RE:Re Question

If CGX cannot pay the debt back by the deadline, and CGX assets are collateral on the loan, why wouldn't FEC not take these assets as payment?

If they get a JV in place over the next couple of months and the share price jumps to over $3 a share, then take the additional shares at $3.10.

If the share price is at the current levels though, with Wei on the horizon, what is CGX bringing to the table. Will FEC loan them another 50 million + to drill Wei?!?

I really hope CGX can find a JV over the next few months, if not, that loan from FEC paves the way for FEC to simply seize CGX assets leaving them essentially bankrupt.

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