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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 Dec 12, 2024 2:01pm
90 Views
Post# 36359442

RE:RE:RE:Port value?

RE:RE:RE:Port value?
waitingstill wrote: The last I heard it was $21 million.


I looked into this a couple of months ago and I think they have actually spent about double that so far, in the neighborhood of $40 mil invested. The price to complete it is 80 million from the original budget back in 2019 (this may have gone up due to inflaation). So looks like it is finally operational, but still lots of work to do.

As for WCPs question about the valuation, this would be impossible to say at this point, at least with the info CGX has shared. This will become more clear as the quarters pass by and they report the costs to run the port vs the income gained. No way to hide this (legally). If they were smart (big if) they would be publisizing every big contract they get to use the port as this will only help the share price. At the end of the day though, the port is not a sure thing to make money. If it is mismanaged it will lose money and be a detriment to the share price. Run well though and it has the potential to transform the company.
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