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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 Aug 22, 2024 3:45pm
155 Views
Post# 36192383

RE:NOTHING

RE:NOTHINGOYL resources are unproven. The two discoveries they have made are so far not commercial as per their own press release back in December. They estimate 600 mmbl, but this will require more drilling to prove.

The licence for the Corentyne has expired. The day before it expired they did submit a Notice of Commercial Interest which has not yet been officially accepted or rejected. At least the decision has not yet been made public if it has been made. If it is rejected, and from the rhetoric of the VP of Guyana Jagdeo it will be, then the value is about 0. They will still have the unfinished port, but be millions of dollars in debt with no exploration oil licenses. If it does retaiin a few pennies in value, this will be a port company (which I honestly would have no idea how to value), not an oil exploration company.
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