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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 Nov 18, 2023 9:21am
413 Views
Post# 35742464

Idiots

Idiots

Link at bottom. Bottom line, a farmdown/complete sale needs to occur asap to someone. It's clear Suresh and his "connections" to the government are dwindling very fast.... we used to own so much land offshore Guyana. Now it's down to ~1000 sq km (which yes is still a huge ton... but it's a bloody crying shame we couldn't get even a penny for the blocks we relinquished... talk about horrendous asset management). The government has seen the light with Exxon JV/external interests in other offshore blocks, and now realize they have two worthless companies killing time with northern Corentyne... and even worse, idiots like Vega making public statements that purposely kill off discovered resources. The government no doubt is probably furious. 

No wonder Frontera stock also lags tremendously... they own 90% of this entire northern Corentyne play via shares/WI and now have everything riding on a JV/farmdown. They don't have the money to continue drilling wells and exploring uphole targets for optimal production capacity. 

Bloody fuc*in morons across the board in both CGX and Frontera. Hopefully this investment bank Houilian Lokey can pull off a miracle for everyone involved. Sure as hell no loser currently involved with either company will be able to do anything going forward, that's for bloody sure. 



https://newsroom.gy/2023/11/17/cgx-gets-two-years-to-determine-viability-of-oil-find-at-corentyne-block/


 

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