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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 Devanand1on Jan 02, 2024 8:38am
147 Views
Post# 35806715

‘We will always be neighbours’

‘We will always be neighbours’

-Guyana, Venezuela should collaborate for betterment of region, President Ali says
-energy, climate change, security among areas highlighted

President Dr. Irfaan Ali

 

REITERATING Guyana’s commitment to peace in the ongoing border controversy with Venezuela, President Dr. Irfaan Ali has said that areas of collaboration should be explored as the two nations have many things in common and will always be neighbours.

During a special broadcast programme on Sunday, the Guyanese Head of State spoke about the recent outcome of the meeting he had with his Venezuelan counterpart, Nicolas Maduro, and several regional officials.

“I approached the meeting with a clear understanding that Guyana wants first of all peace and stability within this region. We will do everything to ensure that we enjoy peace and stability, the region enjoys peace and stability,” President Ali said, while addressing a group of private sector stakeholders.

Over the past months, Guyana’s western neigbhour had increased its aggressive claims to two-thirds of the country’s Essequibo region, a region rich in oil, forestry, and other natural resources.

In December, the two leaders met in St. Vincent & the Grenadines. The meeting was facilitated by the Prime Minister of St. Vincent and the Grenadines, Ralph Gonsalves, and observed by Brazil, CARICOM, and a UN Under-Secretary-General.

This historic meeting culminated in what is now known as the “Argyle Declaration,” an 11-point agreement which addresses matters consequential to the border controversy, including the fact that Guyana stands firm to its position that the substantial case is before the International Court of Justice (ICJ).

“I did not go into the meeting looking at Maduro as someone who is trying to take away two thirds of Guyana. I went to the meeting knowing that I am representing the people of a country, knowing exactly where our position is and knowing that we wanted peace and stability and presenting the case that Guyana is going to continue along the path of the ICJ but at the same time we are open to dialogue on all consequential matters,” President Ali said.

He maintained that any destabilisation of the peace and stability within the region would not only affect Guyana but all its neighbours.

Guyana is a member of the Caribbean Community (CARICOM) and the Community of Latin American and Caribbean States (CELAC).

Any disruption to the peace of this region, President Ali explained could affect the respective economies.

“Brazil for example depends heavily on transportation and logistics. They are one of the major exporters of food and other raw material. They are a major importer of fertilisers and other chemicals,” he said.

In fact, President Ali noted that Guyana and Venezuela have the capacity for collaboration.

“At the end, Guyana and Venezuela will still remain neighbours. We have to work in a collaborative way for the betterment of the region. We have resources that are similar, resources that can be deployed effectively to the energy, security of the region leading to the food security of the region.

Addressing the issue of climate change and these things are all important issues that we have to collaborate on.”

INTERNATIONAL PARTNERS

Meanwhile, in responding to recent comments from Venezuela regarding the visit of the British offshore patrol vessel, HMS Trent, President Ali maintained that Guyana reserves the right to continue to engage its international partners.

The purpose of HMS Trent’s deployment to the Caribbean is primarily to hunt down drug smugglers in the region. The Royal Navy warship usually operates in the Mediterranean and off Africa’s west coast as part of a long-term security mission. However, the ship was re-tasked to the Caribbean to clamp down on drug runners.

“We have been working aggressively with our international partners …we cannot close the door on our international partners. We want our international partners to be actively involved with us in building our capacity, strengthening our institutional system, sharing knowledge, sharing expertise, doing joint exercises and not only aimed at securing our borders but aimed at regional security,” he said.

The United Kingdom’s (UK)’s decision to send HMS Trent to Guyana is part of a growing effort to show diplomatic support to the country.

During the visit, the crew will conduct joint activities, and provide support in various areas such as tackling piracy, smuggling, protecting fisheries, counterterrorism, providing humanitarian aid, and search-and-rescue operations.

ZONE OF PEACE
Following the historic meeting, President Ali and President Maduro declared they will not threaten or use force against one another in any circumstances, including those consequential to any existing controversies between the two states.

They also agreed that any controversies between the two states will be resolved in accordance with international law.

Among other things, Guyana and Venezuela also agreed to continue dialogue on any other pending matters of mutual importance to the two countries, and a commitment was given that both States will refrain, whether by words or deeds, from escalating any conflict or disagreement arising from any controversy between them.

The two nations will also co-operate to avoid incidents on the ground conducive to tension between them. In the event of such an incident, the two states will immediately communicate with one another, CARICOM, CELAC, and the President of Brazil to contain, reverse and prevent its recurrence.

Guyana and Venezuela have agreed to establish immediately a joint commission of the Foreign Ministers and technical persons to address matters as mutually agreed. An update from this joint commission will be submitted to the Presidents of Guyana and Venezuela within three months.

ARBITRAL AWARD

The genesis of the controversy dates back to the 1899 Arbitral Award, a landmark decision that delineated the land boundary between then British Guiana (now Guyana) and Venezuela.
Despite historical arbitration, tensions persisted, leading Guyana to approach the ICJ in 2018, seeking affirmation of the award’s legitimacy.

The ICJ’s recent provisional measures are binding on the parties involved. Under the UN Charter, all states are solemnly bound to comply with the court’s orders, which can be enforced by the UN Security Council.

The substantive case, which highlights the historical context and the 1899 Arbitral Award, remains before the World Court.

Guyana enjoys the full, principled and unequivocal support of CARICOM, the Commonwealth and other partners from around the world.

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