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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 SheDrillson Aug 28, 2024 11:31am
235 Views
Post# 36199467

RE:Government Greed

RE:Government GreedThat's a legit concern.

I was talking about this situation to someone who is an exec for a junior explorer in other parts of the world.  The first thing he asked me was if I thought someone was bribing the Guyana government to flip the block.  So yes, there is potential of that here and why I asked about legal recourse on Frontera's earnings call.

However, if that was going to happen....why haven't they ruled on that yet and officially denied the extension?  It seems like the government is squeezing someone for a bribe. Either that the current JV pay a bribe for an extension that should have never been a question in the first place....or a bribe from other companies who want into the block cheaper than through a farmdown from the current JV.
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