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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

Comment by waitingstillon Jun 17, 2022 2:06am
305 Views
Post# 34763512

RE:RE:RE:RE:License Thoughts

RE:RE:RE:RE:License ThoughtsGood points guys. I noticed this specific quote from the NR.

. The joint venture is moving ahead rapidly to advance our program and unlock the potential of the Corentyne block, for the benefit of all stakeholders. To do so required a collaborative effort to resolve outstanding commitments for the Demerara and Berbice blocks and we are appreciative of this agreement. We are also engaged with the Government of Guyana in a collaborative effort to maximise opportunities to unlock value for the Berbice Deep Water Port."

The "To do so required..." is interesting and supports Beaner's thoughts. It seems like either those blocks and near term commitments were scaring away potential suitors/JV partners or there were pending penalties that could have been put against the C block which is bad as well. So, to me, that phrase is telling. Why put it in there if there is no relevance.

Let's see what happens...
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