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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 SportyJon Oct 11, 2023 12:17pm
263 Views
Post# 35678881

In a Nutshell

In a Nutshell The last trade for Cgx wi (4.7%) in N Corentyne was based on a 100% valuation of $330 mil usd.  That valuation infers an uneconomic project.  It really made and makes no economic sense for either Fec or Cgx to do a deal at that valuation.

So these wi trades at the valuations used make the market skeptical.  If we are to believe that N Corentyne is a discovery of 500,000+ bbls, you (Cgx) simply can't make these wi trades at the valuations used.

And that in a nutshell is why we are where we are.

Of course that's all imo.
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