GOVERNMENT COGNIZANT OF CGX INVESTMENTSThis is perhaps the most balanced statement out from the government to date regarding development of discovered resources made by CGX.
As the Guyana transitions away from a frontier basin - the government plays the critical role to ensure all parties / stakeholders are moving in the same direction.
While the government has been "bold" in their statements towards CGX, they must continue to balance competition in the basin. The junior E&P's in the basin, (like CGX, Eco-Atlantic, and others), will continue to play a critical role drilling high-risk wells that other larger E&P's might shy away from.
However, upon a commercial discovery, the government should "jump in" and play the role of a faciliitator to ensure the development of the discovered resources are moving forward in a timely manner. History repeats itself... so to speak. So much opportunity here given the vast amount of discoveries made in close proximity to one another.
What I do like about this particular press release is the acknowledgement from the government (Guyana Oil and Gas Energy Chamber) is the significant investment made by CGX - appears they are sensitive to just handing the block over to another operator without some form of compensation made in the block to date.
https://newsroom.gy/2024/07/09/if-cgx-cannot-raise-needed-funds-guyana-must-explore-options-gogec/