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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 Dec 10, 2024 4:19pm
240 Views
Post# 36355365

Looking less likely a deal is done in 2024

Looking less likely a deal is done in 2024

Barring some form of miracle, it appears that no deal will be announced in 2024. Next week would be the last logical time to announce something before the Christmas break. I'm sure, however, both CGX and FEC management are already on extended Christmas holidays. 

At some point, the pressure will mount on some entity to push for a finalization here. It's clear, however, that no one in CGX feels any pressure. They still keep collecting their monthly salaries for doing zero hours of work. Frontera seems perfectly content as well to keep allowing their share price to fall and using free cash flow to buy back their shares are grossly elevated prices. 

I am sure whoever is looking to buy into northern corentyne would love to rid themselves of both Frontera and CGX completely. Who wouldn't? Neither company has the cash to do anything of importance. More so, no way a major company will would want to take technical advice from the losers both companies have employed this past couple years. Will the government be OK with this though? As many has posted, CGX still has a soft spot with Guyana government officials due to their work on border disputes many years ago. I'm sure keeping CGX around, even at 5-10% WI, is something that is being pushed for by government officials. 

See what happens. As long as the salaries keep pouring in, guys like Suresh will be A-Ok with sitting around and doing nothing. Same with De Alba, as he hasn't added one day of value to any company he has bought with CC's money over the past decade... so it's on point for him to keep burning Frontera's cash flow on shares while he allows a $500 million dollar investment in Guyana sit idle and rot.  

Sadly, as shareholders, we continue to wait for these degenerate losers to finalize something. Dog sh*t has more value then these losers, that's for bloody sure. 

 

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