InvestorsHub Logo
Join InvestorsHub

Join the InvestorsHub Community

Register for free to join our community of investors and share your ideas. You will also get access to streaming quotes, interactive charts, trades, portfolio, live options flow and more tools.

Live Updating
profile icon
Rk3 Free
01/24/18 1:27 AM
profile icon
Rk3 Free
01/24/18 1:23 AM
profile icon
Rk3 Free
01/24/18 1:20 AM
profile icon
Rk3 Free
01/14/18 6:48 PM
profile icon
stocktrademan Free
12/18/17 1:16 PM
profile icon
Rk3 Free
05/03/17 12:43 PM
profile icon
Rk3 Free
12/30/16 2:44 PM
profile icon
Rk3 Free
12/30/16 2:24 PM
profile icon
Rk3 Free
10/23/16 6:33 PM
profile icon
Rk3 Free
08/30/16 12:33 AM
profile icon
Rk3 Free
08/02/16 5:06 PM
profile icon
Rk3 Free
07/05/16 12:23 AM
profile icon
Rk3 Free
06/30/16 12:49 AM
profile icon
Rk3 Free
02/03/16 6:44 PM
profile icon
Rk3 Free
01/27/16 12:49 PM
profile icon
Rk3 Free
01/15/16 1:01 AM
profile icon
Rk3 Free
01/08/16 1:28 AM
profile icon
Rk3 Free
12/30/15 12:53 AM
profile icon
Rk3 Free
12/30/15 12:18 AM
profile icon
Rk3 Free
12/07/15 1:57 AM
profile icon
Rk3 Free
06/28/15 12:09 AM
profile icon
Rk3 Free
06/07/15 5:28 PM
profile icon
Rk3 Free
06/07/15 5:20 PM
profile icon
Rk3 Free
06/07/15 5:16 PM
profile icon
Rk3 Free
06/07/15 4:34 PM
profile icon
Rk3 Free
06/07/15 4:25 PM
profile icon
protagonist12 Free
05/21/15 1:27 AM
profile icon
stocktrademan Free
05/20/15 4:31 PM
profile icon
stocktrader1 Free
12/10/14 12:20 PM
profile icon
stocktrademan Free
07/06/14 8:28 AM

CGX Energy Inc (CGXEF) RSS Feed

Followers
16
Posters
26
Posts (Today)
0
Posts (Total)
228
Created
04/30/09
Type
Free
Moderators



http://cgxenergy.ca/

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.


Volume:
Day Range:
Last Trade Time:
  • 1D
  • 1M
  • 3M
  • 6M
  • 1Y
  • 5Y
CGXEF Latest News
  • No Recent News Available for this company!
New Post