CGX Energy Inc V.OYL

THE WHARF

[Phantomblogger]

Exxon has increased the expected outputs of their 18 wells. AND have called for more SHORE SUPPLY CAPACITY, locally.
Frontera has budgeted 15 - 20 Million for Port Construction; If that is to be matched by retail shareholders at offered rights of 0.50 with 40 Million shares, then we get another 20 Million; which is enough to get that wharf and "shore supply capacity" going, while one well is being drilled.
Otherwise, this is just a dog and pony show, to fatten Management!
Muneshwar, a private enterprise who used to sell "kitchen supplies" have risen to the occasion with a "state of the art" wharf at Houston, while Suresh is promoting "Casreep", a condiment made from cassava. A man who never ran a business, but heads CGX. C'mon Suresh, don't make yourself a laughing stock. Go speak to DeAlba!

[Phantomblogger]

Nothing is wrong with rights at 0.50 or less! Because the last "Drill Engineer" hired about two months ago, received options for 0.51 cents! Too may longs are getting away with this sudden jump to 1.30; I was excited about it. BUT and I repeat, BUT, this is a long slog ahead. At the moment we have nothing to show, but 220 million dollars of accumulated expenses. And stock markets may be

[westcanpride]

You make good point Phantom!  Couple things: i) I think accumulated expenses is closer to $300MM USD (well probably over now once we see the updated 4Q 2020 circular). ii) Why would Frontera (being a ~80% majority shareholder of CGX) want to dilute CGX shares again for only a .50 rights offering? They would have to add another 200million shares just to get $100MM. Might seem like quite a bit

[Phantomblogger]

Good points WCP. Well, they can do a rights offering at say $1.00, because there is no way this thing will go to $2.00 without a drill in the ground. The second pressing issue for us, CGX, right now, as per EXXON, is the urgent need for MORE wharf facilities. The rights issue could then raise from us retailer shareholders, a sum of 40 million dollars. Which is more than enough to get the wharf up

[westcanpride]

Your correct Phantom, the port/wharf is definitely something requiring immediate attention. Again, I am shocked the government is trusting CGX/Frontera to build something of such massive significance for the country. With that, this project is something that cannot be penny pinched nor delayed because of funding challenges. So I agree... CGX/Frontera better allocate more than just $15MM required