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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 westcanprideon Aug 11, 2023 8:56am
154 Views
Post# 35583469

frontera ownership of CGX shares

frontera ownership of CGX shares

What is painfully clear now is that Frontera could care less if there ownership of CGX shares become worthless. The "bigger" goal this whole time was to continue obtaining larger working interest in Corentyne for rock bottom prices... and because they have owned >50% of CGX, they have effectively eliminated any opportunity for CGX to negotiate with outside parties without their agreement.

Just watch them take over CGX completely now for pennies on the dollar, only to then sell off their portion of Corentyne later for a real return. 

Never would have I imagined that after two major offshore discoveries and a port slowly coming to completion that CGX would be sitting with only 27% working interest and a share price ~$1CAD.

Like I said yesterday, I hope anyone attending the AGM absolutely rips the management team and board of directors to shreds. Millions of dollars are being paid to these losers and they have in essence been played like a bunch of clowns. They all should be fired and publicly shamed for how useless and stupid they truly are. 

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