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CGX Energy Inc (CGXEF)

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Last Post: 8/8/2020 12:41:40 AM - Followers: 11 - 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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#121   Operational Update The Company, through CGX Resources Inc. (“CRI”) Rk3 08/08/20 12:41:40 AM
#120   https://static.seekingalpha.com/uploads/2019/2/11/41325066-15499283370951493_ori Rk3 08/06/20 01:46:00 AM
#119   https://www.kaieteurnewsonline.com/2020/07/29/guyanese-must-call-on-oil-companie Rk3 07/30/20 01:51:48 AM
#118   CGX mentioned at end of interview. https://www.proactiveinvestors.co.uk/comp Rk3 02/04/20 02:13:54 AM
#117   https://oilnow.gy/featured/breaking-exxonmobil-ups-guyana-reserves-to-8-billion- Rk3 01/27/20 02:49:49 PM
#116   https://oilnow.gy/featured/cgx-energy-expected-to-drill-well-by-november/ Rk3 01/07/20 07:03:23 PM
#115   Boatload of discoveries’ offshore Guyana signals more to Rk3 12/30/19 12:53:00 AM
#114   http://cgxenergy.ca/cmsAssets/docs/presentations/CGX_Energy_Inc_Corporate%20Pres Rk3 12/10/19 01:46:35 AM
#113   https://www.edisongroup.com/edison-tv/bitesize-briefing-heavy-oil-in-guyana/ Rk3 12/10/19 01:42:04 AM
#112   https://www.kaieteurnewsonline.com/2019/11/18/operators-estimate-four-billion-ba Rk3 12/02/19 06:27:01 PM
#111   Dillition? BudGuy 11/13/19 10:36:46 AM
#110   https://www.ecooilandgas.com/wp-content/uploads/2019/11/HP-ECO_8_20191104_Resour Rk3 11/07/19 02:02:16 AM
#109   CGX invites bids for Crab Island port works Read Rk3 11/07/19 01:07:59 AM
#108   https://www.kaieteurnewsonline.com/2019/10/22/two-oil-companies-may-be-grappling Rk3 10/23/19 12:40:59 AM
#107   https://www.caribbeanlifenews.com/stories/2019/9/2019-09-20-bw-more-wells-guyana Rk3 10/20/19 01:36:53 AM
#106   “Now that the Joe-1 discovery has de-risked shallow Rk3 10/20/19 01:26:03 AM
#105   News Article CGX collaborating with UG to roll out Rk3 10/03/19 01:34:19 AM
#104   News Article Proximity of Joe discovery in Orinduik Block Rk3 10/02/19 01:29:08 AM
#103   https://www.proactiveinvestors.co.uk/companies/news/903040/eco-atlantic-s-gil-ho Rk3 09/24/19 01:03:00 AM
#102   Totally. Watch it trade someone has a BudGuy 09/23/19 10:25:27 PM
#101   share price way up from .15 .....and no Anand5 09/23/19 02:24:07 PM
#100   You’re welcome petermic. I was lucky enough Rk3 09/11/19 03:28:29 PM
#99   Thank you. petermic 09/10/19 12:20:19 PM
#98   Whoa holy moly BudGuy 09/09/19 09:24:03 PM
#97   D&D can be done at Stockhouse.com: Cgx Energy Rk3 09/09/19 04:48:52 PM
#96   Will Maduro lash out in desperation? kayakbob223 09/06/19 06:17:19 PM
#95   Anyone know why CGX has been flying lately? petermic 08/28/19 02:51:38 PM
#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
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