Bullboard - Stock Discussion Forum CGX Energy Inc V.OYL

Alternate Symbol(s): CGXEF

Energy Oil & Gas E&P

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... see more

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CGX Energy Inc > Propector claim status & shares? JPL shares?

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Post by AnMar on Feb 04, 2023 10:56pm

Propector claim status & shares? JPL shares?

From the Nov. 1/22 MD&A

As at September 30, 2022, the Company has a provision for the amounts claimed by Prospector plus accrued interest, being $14.1 million, as trade and other payables (December 31, 2021: $13.9 million), even though the Company contests liability. The contingent gains, if any, are not recorded as at September 30, 2022 (December 31, 2021: Nil) as the outcome of the proceedings is still unknown and there can be no assurances that the Company will be successful in its challenge.

Anyone have an explanation for this?

Are they saying the $14.1 million has been set aside and isn't being recorded as cash on hand? I wonder how many shares Prospector has right now? I wonder how many shares JPL has right now?

CGX was good at making friends in the industry.

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