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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 SheDrillson Sep 07, 2023 3:13pm
285 Views
Post# 35624733

RE:RE:emails

RE:RE:emailsLong story short...they have already technically (not commercially) proved up their 2 best/largest prospects in the license....if they can't attract a deal here then drilling a 3rd well/prospect won't change the situation.  Commericial proof requires more wells to confirm the prospect size and flow data.

The risk now isn't about being dilluted...it's about not achieving a farmout to a major....these boneheads should have had an actual shareholder meeting and dicussed the actions occuring to achieve a farmout.  It's the liquidity event that matters.
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