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 > Financing - Why just a 35M loan?

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Comment by Duderrron May 16, 2022 3:33pm

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Post# 34687164

RE:RE:Financing - Why just a 35M loan?

Good point on the 80% threshold. Also, the loan was just included to get an idea of their current cash now vs upcoming payables. Frontera did sign a $25M deed of guarantee on behalf of CGX to Maersk which is likely the bulk of their upcoming payables... so a small loan could still be in the cards even if it is non-convertible. I guess we'll know soon enough... hilarious that it took the 80% to finally go elsewhere!

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