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CGX Energy Inc (CGXEF)

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Last Post: 2/15/2019 2:50:43 PM - Followers: 10 - 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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CGXEF News: Registration Statement for Securities of Certain Canadian Issuers Offered for Cash Upon Exercise of Rights Granted to Existin... 02/01/2019 01:18:26 PM
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#94   From Seeking Alpha: kayakbob223 02/15/19 02:50:43 PM
#93   TORONTO, Dec. 4, 2018 /CNW/ - CGX Energy Rk3 12/06/18 01:58:00 PM
#92   Woodmac: ExxonMobil's Pluma marks a perfect 10 12/4/2018 On track Rk3 12/06/18 01:33:56 PM
#91   Hess Announces 10th Discovery and Increased Stabroek Block Rk3 12/06/18 01:25:29 PM
#90   BREAKING: ExxonMobil makes 10th discovery offshore Guyana By OilNOW Rk3 12/06/18 01:17:36 PM
#89   Guyana halts issuance of exploration licenses for one Rk3 12/06/18 12:57:12 PM
#88   CGX Energy Agrees to Settle Liabilities Owed to Rk3 12/06/18 12:42:38 PM
#87   CGX Energy Off-Shore Guyana Drilling Concession Map https://www.google.ca/sea Rk3 09/07/18 06:26:05 PM
#86   ExxonMobil Adds Ninth Discovery Offshore Guyana image: http://s.yimg.com/ny/api/ Rk3 09/07/18 05:58:55 PM
#85   CGX gearing for major harbour project at Crab Rk3 09/07/18 05:21:24 PM
#84   TORONTO, March 2, 2018 /CNW/ - CGX Energy Rk3 03/18/18 06:35:55 PM
#83   https://www.kaieteurnewsonline.com/2018/02/23/indications-of-one-billion-barrels Rk3 03/18/18 06:31:07 PM
#82   http://oilnow.gy/featured/breaking-cgx-contract-outlines-53-profit-oil-1-royalty Rk3 03/18/18 06:28:15 PM
#81   https://www.stabroeknews.com/2018/news/stories/02/17/govt-releases-cgx-agreement Rk3 03/18/18 06:26:04 PM
#80   https://www.reuters.com/article/us-total-guyana/oil-group-total-buys-stakes-in-o Rk3 03/18/18 06:10:10 PM
#79   https://www.caribbeanlifenews.com/stories/2018/2/2018-02-02-bw-shell-guyana_pull Rk3 03/18/18 06:06:08 PM
#78   http://oilnow.gy/news/guyana-producing-10-million-barrels-oil-monthly-2022/ Rk3 03/18/18 06:01:44 PM
#77   Check out the “Gold Sponsor” list: GUYANA'S INAUGURAL SUMMIT Rk3 01/24/18 01:35:42 AM
#76   Guyana ‘sweet crude’ revives dreams in once thriving Rk3 01/24/18 01:27:26 AM
#75   ExxonMobil Guyana prepared to mitigate Liza Phase 2 Rk3 01/24/18 01:23:35 AM
#74   Exxon will begin new drilling foray at Pacora Rk3 01/24/18 01:20:09 AM
#73   ExxonMobil makes sixth oil discovery off Guyana 10 Jan Rk3 01/14/18 06:48:39 PM
#72   CGXEF buy 0.1118 stocktrademan 12/18/17 01:16:43 PM
#71   May 1 - CGX Files Year-End Audited Financial Rk3 05/03/17 12:43:26 PM
#70   Oil, gas onshore supply base to be built Rk3 12/30/16 02:44:01 PM
#69   CGX Energy Inc. > DEC-15-2016: POTENTIAL 2ND EXXON Rk3 12/30/16 02:24:16 PM
#68   http://newssourcegy.com/news/exxonmobil-makes-another-major-oil-discovery-offsho Rk3 10/30/16 06:48:12 PM
#67   CGX Energy Provides Operational Update Source: PR Newswire (Canada) (TSX-V Rk3 10/23/16 06:33:11 PM
#66   CGX Energy Files Second Quarter Financial Statements Source: PR Rk3 08/30/16 12:33:07 AM
#65   http://www.stabroeknews.com/2016/news/stories/07/30/exxonmobil-seeking-acreage-o Rk3 08/03/16 12:43:42 AM
#64   CGX Energy Announces Changes to its Board of Rk3 08/02/16 05:06:30 PM
#63   CGX Energy Announces Annual and Special Meeting Voting Rk3 07/05/16 12:23:59 AM
#62   http://www.businessfinancenews.com/29460-exxon-mobil-corporation-discovers-large Rk3 06/30/16 12:51:18 AM
#61   http:/www.businessfinancenews.com/29460-exxon-mobil-corporation-discovers-large- Rk3 06/30/16 12:49:36 AM
#60   http://www.kaieteurnewsonline.com/2016/06/26/second-oil-well-confirms-guyanas-ma Rk3 06/27/16 01:23:10 AM
#59   http://demerarawaves.com/2016/04/04/mid-atlantic-exxonmobil-partner-in-oil-and-e Rk3 04/05/16 12:40:28 AM
#58   http://demerarawaves.com/2016/02/26/exxonmobil-spuds-guyana-appraisal/ Rk3 02/26/16 07:15:47 PM
#57   Director- John Cullen resigns http://www.newswire.ca/news-releases/cgx-energy-a Rk3 02/11/16 05:58:03 PM
#56   http://www.cgxenergy.com/cmsAssets/docs/presentations/CGX_Energy_Inc_Corporate%2 Rk3 02/05/16 01:47:06 PM
#55   https://www.upstreamonline.com/live/1422825/exxonmobil-nears-guyana-appraisal Rk3 02/05/16 01:38:27 PM
#54   $250 million to drill 4 wells offshore in Guyana https://marketrealist.com/2016 Rk3 02/03/16 06:44:50 PM
#53   http://www.inewsguyana.com/exxonmobil-to-commence-drilling-second-well-soon/ Rk3 01/31/16 01:03:36 PM
#52   http://www.stabroeknews.com/2016/news/stories/01/27/repsol-applies-exploration-l Rk3 01/27/16 02:10:34 PM
#51   CGX Energy Enters into Settlement Agreement and welcomes Rk3 01/27/16 12:49:57 PM
#50   http://www.oedigital.com/component/k2/item/9162-wm-exxonmobil-s-guyana-well-econ Rk3 01/20/16 01:22:13 AM
#49   http://www.oedigital.com/regions/north-america/item/10667-globaldata-liza-could- Rk3 01/20/16 01:21:02 AM
#48   http://www.oedigital.com/component/k2/item/11365-eco-atlantic-tullow-enter-guyan Rk3 01/20/16 01:19:48 AM
#47   http://www.stabroeknews.com/2016/news/stories/01/16/drillship-inbound-new-exxon- Rk3 01/18/16 12:54:24 AM
#46   http://www.inewsguyana.com/repsol-asks-for-extension-to-continue-work-at-kanuku Rk3 01/15/16 01:12:33 AM
#45   This week on The Bit, Upstream's weekly podcast, Rk3 01/15/16 01:01:03 AM