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 > Oil now Article Mar 9th

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Post by taalon Mar 09, 2023 7:55am

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Oil now Article Mar 9th

The VP said, “the country has ample drilling locations” to justify another auction. So far, its discoveries have been centralised in a small portion of the 6.6 million acres Stabroek Block – close to 11 billion barrels oil-equivalent. Some oil deposits have also been found in CGX Energy’s Wei-1 well in the Corentyne but this has not been quantified. Drilling operations are ongoing there. And it is the best bet for a development outside of the Stabroek Block.

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