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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 Stampederon Jan 20, 2023 2:19pm
179 Views
Post# 35236136

RE:RE:RE:RE:NR Poll

RE:RE:RE:RE:NR PollTullow ran into financial difficulty towards the end of 2019 shifted its focus away from exploration toward their producing assets. Management appears to be risk adverse. As the operator of the Orinduik block they have become a milstone.  We have been waiting for Tullow to either farm out or sell their share but nothing have heard nothing concrete about this.  They may be sitting around waiting for others to drill adjacent blocks in hope that success will increase the value of their share of Orinduik.  If drilling targets on Orinduik are announced this year it is not clear to me what, if any role Tullow will have.
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