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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

Post by Hotshot85on Jun 28, 2023 4:17pm
391 Views
Post# 35519270

Todays NR

Todays NRI find it interesting that there was no mention of the costs overrun and how CGX was going to pay for their portion of those costs. last NR that was a major component.   That leads me to believe that there is something happening behind the scenes. CGX and fronterra both know they can not bring this to deveolpment. I'm betting there is a deal in the works here. Both companies recently isolated the guyana block in their company structure for a clean sale.

It feels like that is next. these two companies need the money from a major for this to proceed. you have 2 finds, this is where the rubber hits the road. who is in and who is in the way.  
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