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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

Post by westcanprideon Nov 06, 2024 11:38pm
145 Views
Post# 36300242

3Q Thoughts…

3Q Thoughts…

"The company is reviewing all available alternatives to safeguard its interests in the block and Guyana". 

So did HL make a deal or not...? No word of them anymore. Over a year and these guys haven't accomplished a bloody thing. 

Without any deal or money to drill new wells, not sure what "safeguard" measures they can put in place. Maybe Suresh has explicit photos of government officials he can use as blackmail? 

Looks like FEC will be able to finalize the 4.52% WI previously provided to them. Albeit this assumes the government is OK with the transfer... when then means the government still is Ok with FEC and CGX owning the block... I would think. Who knows wtf is going on behind the scenes with this tire fire. 

With 97.8% shareholder approval of these guys, it's clear very few (if any) actually withheld their right as shareholders when voting prior to the AGM. Obviously it wouldn't have made a difference, but the symbolic nature is that shareholders don't care no more and it's clear these guys running the company don't care either. 

Also, Zoback leaving. Interesting, given he was the one guy who could least talk to CGX subsurface dataset. With HL presumably done with their efforts, one would think something is occurring behind the scenes to finalize something. If not, and CGX will instead rely on someone else to advocate for the block from a subsurface perspective, that would be awful and telling at the same time. 

End of day, it's been over a year and this nightmare seems to show no sign of ending. Guys like Suresh have continued to rape the company for easy money each month in the interim while nothing materializes. 


 



 

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