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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.


TSXV:OYL - Post by User

CGX Energy Inc > 257 million reasons
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Comment by Zibo510on Jul 01, 2024 12:53pm
183 Views
Post# 36113403

RE:RE:RE:257 million reasons

RE:RE:RE:257 million reasons If CGX is granted an extension I wonder what the terms will be. 

I am sure Guyana will want a committment of further development with some form of financial commitment on CGX's part.

Since CGX is broke I wonder what Frontera has for a game plan since Guyana seems to want proof of financial commitment going forward. 

Something definitive has to happen very soon since CGX is running on empty with a now expired PPL. 

Since the PPL has now expired is it possible for a 3rd party interested in Corentyne to deal directly with Guyana since CGX has lost ownership of Corentyne. 

Just thinking out loud here but this story is getting more complicated IMO..

One thing for sure is that CGX is not in a strong negotiating position since the PPL has now expired. 
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