RE:RE:RE:RE:RE:RE:RE:Formal EvaluationHow do you figure Miftee that the valuation would have been lower pre-Kawa 1?
As per Feb 2021 resource report, the upside potential for CGX looked pretty damm good.
https://www.newsfilecorp.com/release/74529/CGX-Energy-Inc.-Announces-Guyana-Resource-Evaluation-Report
Additionally, CGX was trading at a far higher market cap for much of the past year relative to where we are today. Seems like the market had a pretty high valuation of the opportunity at hand.
If anything, management f*cked up royally and did not secure the needed cash to drill at least 2-3 wells prior to spudding Kawa-1 (and thus avoiding having everything ride on one well result). The momentum was there and they let it slip away. Heck, back in February post Kawa-1 initital news release, the shares were over $3.... they could have easily done some open marke deal at a far more favorable deal than what was done recently.
Anyway, regardless of what we think, its clear both the market and external entities view Corentyne in a very conservative light and hence the current CGX market cap. Let's see what happens next week once that stupid Frontera Dutch Auction ends. Near impossible for CGX to actually go up in market cap relative to Frontera when their market cap is purposefully being held down by the market makers.