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CGX Energy Inc (CGXEF)

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Last Post: 5/3/2017 12:43:26 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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#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 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 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 Rk3 06/30/16 12:51:18 AM
#61   http:/ Rk3 06/30/16 12:49:36 AM
#60 Rk3 06/27/16 01:23:10 AM
#59 Rk3 04/05/16 12:40:28 AM
#58 Rk3 02/26/16 07:15:47 PM
#57   Director- John Cullen resigns Rk3 02/11/16 05:58:03 PM
#56 Rk3 02/05/16 01:47:06 PM
#55 Rk3 02/05/16 01:38:27 PM
#54   $250 million to drill 4 wells offshore in Guyana Rk3 02/03/16 06:44:50 PM
#53 Rk3 01/31/16 01:03:36 PM
#52 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 Rk3 01/20/16 01:22:13 AM
#49 Rk3 01/20/16 01:21:02 AM
#48 Rk3 01/20/16 01:19:48 AM
#47 Rk3 01/18/16 12:54:24 AM
#46 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
#44   "Guyana to start offshore oil production soon" Rk3 01/08/16 01:28:29 AM
#43   ExxonMobil pushes ahead with oil exploration December 16, 2015 Rk3 12/30/15 12:53:08 AM
#42   Old info, but some good background Info for Rk3 12/30/15 12:18:20 AM
#41   "Tullow Oil set to get exploration licence in Guyana" Rk3 12/07/15 01:57:18 AM
#40   From I-Hub news dated June 26, 2015: Guyana Assures Rk3 06/28/15 12:09:22 AM
#39   Definitely worth the D&D on this one. Has Rk3 06/07/15 05:28:01 PM
#38   From CGX Energy website: Demerara (100%) The Demerara License Rk3 06/07/15 05:20:47 PM
#37   Corentyne (100%) The original Corentyne License issued in 1998 Rk3 06/07/15 05:16:02 PM
#36 Rk3 06/07/15 04:51:47 PM
#35 Rk3 06/07/15 04:49:13 PM
#34   From the CGX Energy website: Regional News May 20, 2015 Exxon Rk3 06/07/15 04:34:11 PM
#33   2 posts a year. If Esso (Exxon) hydro Rk3 06/07/15 04:25:59 PM
#32   CGXEF some big hungry whales just noticed this connection? protagonist12 05/21/15 01:27:48 AM
#31   $CGXEF recent news/filings stocktrademan 05/20/15 04:31:18 PM
#30   nice to see .30's again, even though it stocktrader1 12/10/14 12:20:09 PM
#29   CGX Energy Inc. [$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