CGX Energy Inc V.OYL

Alternate Symbol(s): CGXEF

Energy Oil & Gas E&P

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.

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CGX Energy Inc > QUESTION

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Comment by soulfireon Nov 22, 2023 8:21am

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Post# 35747981

RE:RE:RE:RE:QUESTION

I think the reason for not releaseing it has to do with the 4.7% WI.
They valued it at approximately $1.04 CAD.
The Resource Report probably shows a commercial discovery so it will conflict with valuation they used to steal 4.7% WI.
If this is the case, this could be ripe for a class action lawsuit.
I find it difficult to believe CGX gave away 36% of WI and is still broke. Only Suresh could make such a deal LOL

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