My take on CGXCGX (otc:,cgxef) or (TSX:oyl) is a binary trade. It all depends on the next well Wei-1 to be spud in Jan 23 on Guyana offshore. Hit or bust.
It has all the similarities to Reco - hit the first well Kawa-1 with light oil show but no data provided. The stock shot up to over $4 and crashed back down to $1. Not a good sign. CGx is now a "shell" co holding petroleum licence and majority owned by Frontera Energy (Fec) - a once bankrupt Columbia oil co with a 52-wk high of C$30, trading at C$10. Run by hedge funds.
Flip or flop. Buy for a trade only. Not optimistic for it's Wei-1 well. Management holds less than 1 percent of shares. Typical penny stock.