CGX Energy Inc V.OYL

Rough Numbers

[SportyJ]

$20m (bridge) + $54m (RO kawa set aside) = $74m. Kawa net cost to cgx was $94m ($141m x .6667) = a $20m deficit. Imo the $35m loan covers the Kawa deficit, maybe some port work, prelim Wei costs and of course G&A. I'm assuming CGX will need a capital raise of $63m ($95m Wei AFE x .6667) by Wei spud. Maybe it's less but no doubt CGX will need some Wei $. All imo.

[Miftee9]

If Sportys numbers are in fact somewhat correct and given how much FEC owns already, I think the JV is imminent.  I say once results are in (and they confirm their previous release), there will be a bidding war between a few majors and we will get a winner to alleviate all of our future financial issues. The bridge loan is to bridge them until they get the JV done, not to drill Wei as they

[jada13]

Feel the same way. We have all been through this multiple times already just par for the course with these guys. If they never owned half of the port then I would be worried.