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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

Comment by IceDog13on Jul 22, 2024 4:59pm
122 Views
Post# 36143296

RE:RE:RE:RE:RE:Fairly simple next steps…

RE:RE:RE:RE:RE:Fairly simple next steps…

Umm... you are the one suggesting FEC invest a significant amount of money. I have made no such assertion. You suggested FEC buyout CGX at $1 per share, I countered that at $1 it would be a gross overpay, at $0.40 which is a huge premium to todays close, the same deal could get done. (Probably even lower than that). 


In your final statement you take an alternative approach saying FEC should monitize their CGX shares for capital, which completely contradicts your original statement. Selling shares on the open market probably wouldn't raise a large amount of capital though. I'd guess they would be lucky to average 0.20 a share if they divested 10% of their holdings raising about $5,000,000. This lower share price is not an indictment on CGX, it is what happens when a large amount of shares become available on the open market increasing the float.

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