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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

Post by Duderrron May 16, 2022 1:28pm
277 Views
Post# 34686725

Financing - Why just a 35M loan?

Financing - Why just a 35M loan?I would like to think that management isn't stupid enough to prolong a financing update without good reason. As of March 31st, they had 42.5M cash (including the recent 35M loan). Their 1-3 month payables were 47.4M. Add another ~3M in quarterly Operating Expenses and they are short ~8M to cover payables due within the next 6 weeks. Why didn't they agree to a higher loan last month given the known shortfall? Odds are we see another small loan from Frontera, but the size of the last loan, the high conversion price and now the delay makes me believe they are truly considering other options now.
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