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CGX Energy Inc (CGXEF)

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Last Post: 12/10/2014 12:20:10 PM - Followers: 9 - Board type: Free - Posts Today: 0


CGX Energy Inc. is a Canadian-based oil and gas company focused on exploring for oil in the Guyana-Suriname basin. Our Licences in Guyana cover 9.5 million gross acres, 7.2 million net.

In 1996, the founders of CGX began negotiations with the Government of Guyana to acquire an offshore concession to explore for oil. CGX and others view the Guyana-Suriname Basin as attractive for high-risk exploration for hydrocarbons. The United States Geological Survey (USGS) has identified the Guyana-Suriname Basin as having the second highest resource potential after Greenland among unexplored oil basins in the world. The USGS estimates mean recoverable oil reserves of 15.2 billion bbls and gas reserves of 42 trillion cubic ft.

In June 1998, CGX Resources Inc., a wholly owned subsidiary of CGX, was granted the 10-year Corentyne Licence by the Government of Guyana. The following May, we conducted a seismic program over the offshore portion of the concession, identifying 2 turbidite deep-sea fan targets, Eagle and Wishbone, and two stratigraphic-trap targets, Horseshoe West and East. In June 2000, while setting up to drill on Eagle, the rig CGX had contracted was forced off location by Surinamese gunboats, even though Guyana and Suriname are full signatories to the Law of the Sea Convention. Because CGX had already incurred the financial cost of mobilizing drilling equipment from Italy, we drilled our third-ranked target, Horseshoe West, a stratigraphic-trap play that was abandoned as a dry hole. After drilling Horseshoe, we relinquished 1 million acres with reduced exploration potential and added the 1-million acre Annex extension to the Corentyne Licence in January 2001. CGX Energy received an extension for its Corentyne License to June 2013.

Negotiations to resolve the maritime border dispute between the two countries were ongoing and on February 25, 2004, the Government of Guyana formally commenced binding dispute settlement procedures under the United National Convention on the Law of the Sea (UNCLOS). On September 20, 2007, the International Tribunal on the Law of the Sea (ITLOS) announced the award in favour of Guyana -- see Maritime Border Resolution

In addition, CGX has a 25% working interest in the offshore Georgetown Licence located between the original Corentyne Block and The Annex. This area is subject to a confidentiality agreement with the operator, Repsol-YPF.

In 2004, CGX finalized its purchase of the Pomeroon Block, a 2.8 million acre 100% interest block to the northwest.

Research into onshore activities in Suriname and advancements in technology piqued our interest in exploring the onshore portion of our Corentyne Licence. On September 10, 2003, ON Energy Inc. was incorporated in Guyana, as a wholly owned subsidiary of CGX Energy Inc. ON's principal asset is the Licence rights to the 800,000-acre onshore and near shore portion, the Berbice Block.

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#30   nice to see .30's again, even though it stocktrader1 12/10/14 12:20:09 PM
#29   CGX Energy Inc. [$CGXEF] due diligence stocktrademan 07/06/14 08:28:01 AM
#28   CGXEF one for 10 reverse split: Renee 07/10/13 05:03:52 PM
#27   they hit water.... korpin 05/10/12 06:21:18 PM
#26   Anyone know why the recent plunge in share price?tia stocktrader1 05/08/12 10:09:08 AM
#25   The basin is active and there have been SCREAMING EAGLE 02/26/12 05:00:20 PM
#24   These prospects are company maker prospects with a SCREAMING EAGLE 02/26/12 04:59:26 PM
#23   This has been a long time in the SCREAMING EAGLE 02/26/12 04:58:39 PM
#22   o.k., How many shares are you in for? POSITIVE THOUGHTS 02/17/12 03:38:13 PM
#21   over 100 per share I believe. POSITIVE THOUGHTS 02/17/12 03:37:11 PM
#20   Both drills started this month, its in the POSITIVE THOUGHTS 02/17/12 03:35:43 PM
#19   I'm in! WildcatDriller 01/11/12 07:20:42 PM
#18   what is the "tier 2" stock OXL.U for korpin 01/11/12 05:36:51 PM
#17   I am alive ventured a few thousand shares korpin 01/11/12 01:11:34 PM
#16   Is anyone alive ? s4lymo 12/11/11 05:48:15 PM
#15   Do you know how far this could run SCREAMING EAGLE 11/06/11 09:05:36 AM
#14   The Eagle prospect looks great to me. WildcatDriller 10/29/11 09:32:16 AM
#13   Several very good capital raises.They are in a WildcatDriller 10/29/11 09:30:29 AM
#12   Fantastic prospects in a great area. WildcatDriller 10/29/11 09:29:19 AM
#11   I can't believe that nobody follows this. WildcatDriller 10/29/11 09:21:24 AM
#10   whens the drill supposed to start anyone know ? s4lymo 08/05/11 08:56:05 PM
#9   Looks like there is a new IR Rep OilStockReport 04/11/11 03:47:55 PM
#8   Most recent presentation..... madmike0 09/23/10 01:16:57 PM
#7   Most recent financials.... madmike0 09/23/10 01:15:13 PM
#6   Recent analyst report.... madmike0 09/23/10 01:13:26 PM
#5   It shouldn't be much longer.... madmike0 09/23/10 01:11:17 PM
#4   lol I know the feeling clairmontasap 04/30/09 12:38:37 PM
#3   Only way I can keep her on watch, MWM 04/30/09 12:22:52 PM
#2   Nice clairmontasap 04/30/09 12:21:51 PM
#1   on watch MWM 04/30/09 11:36:22 AM