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GCX Energy Inc. (TSXV:OYL)

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Last Post: 9/7/2018 6:27:06 PM - Followers: 1 - 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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OYL News: L'OCRCVM permet la reprise de la négociation - OYL 08/08/2018 01:00:00 PM
OYL News: IIROC Trading Resumption - OYL 08/08/2018 12:59:00 PM
OYL News: Suspension de la négociation par l'OCRCVM - OYL 08/07/2018 12:43:00 PM
OYL News: IIROC Trading Halt - OYL 08/07/2018 12:42:00 PM
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#14   CGX Energy Guyana Drilling Concession Map https://www.google.ca/search?q=cgx+ Rk3 09/07/18 06:27:06 PM
#13   CGX gearing for major harbour project at Crab Rk3 09/07/18 06:02:19 PM
#12   ExxonMobil Adds Ninth Discovery Offshore Guyana image: http://s.yimg.com/ny/api/ Rk3 09/07/18 06:01:06 PM
#11   Anyone have any insight into whether these guys Forcealpine 08/01/12 02:40:09 PM
#10   Effective December 8, 2010, the Company's Prospectus dated PackerFan007 12/26/10 12:34:18 AM
#9   CGX Energy Completes $23 Million Bought Deal Financing PackerFan007 12/15/10 03:21:07 AM
#8   Added more at .92 - nice bounce friday afternoon. ShadowSpy69 11/14/10 07:02:08 PM
#7   Reloaded at $1.03 ShadowSpy69 11/09/10 12:10:36 AM
#6   sold at 1.25 -----perhaps reload in a few ShadowSpy69 11/02/10 02:21:21 AM
#5   Well I am back in at 75 cents, jcanada 09/24/10 10:41:05 AM
#4   yep, i'm in...always recovered my cost @.79 hubsomebody 09/15/10 10:21:29 PM
#3   Thinkin about it.................y did u get in? ShadowSpy69 09/09/10 04:54:19 AM
#2   i'm in. It's gotta go up. hubsomebody 09/01/10 11:34:59 PM
#1   Well lets start this board..I am #1, bought jcanada 03/25/09 01:30:23 PM