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NEWS RELEASE CGX ENERGY INC.-trading in London!!
CGX COMMENCES TRADING ON OFEX IN LONDON, U.K.
May 23, 2000. Dealings commence on May 24, 2000 on OFEX in London, England
in the shares of CGX Energy Inc. (?CGX Energy? ? OFEX) (see
www.cgxenergy.com), a Canadian company also traded on the Canadian Ventures
Exchange (OYL.U- CDNX). At market close on May 17, 2000, CGX was
capitalized at £46 million (US$69 million).
CGX
CGX holds a 100 per cent interest in a 15,464 sq km (3,800,000 acre) exploration
licence in Guyana, South America. CGX is proceeding with a drill-hole on its Eagle
turbidite fan target using R&B Falcon?s C.E. Thornton jack-up drill rig. To date, CGX
has identified three other targets on its property for subsequent exploration. The Eagle
seismic anomaly is a 60,000 acre feature with 29,000 acres above an apparent
hydrocarbon/water contact, a maximum 750 feet of gross thickness and with 1,700
feet of vertical column. Guyana is an English-speaking jurisdiction with a legal system
based on English common law. Since 1997, Guyana has had one of the top quartile
fiscal regimes to encourage drilling in an under-explored basin. The CGX exploration
licence is surrounded by majors: Exxon to the north, the Shell/Burlington/Total/Korean
National Oil joint venture in Suriname to the east; and the AGIP/Repsol joint venture
to the west. Since November 1999, CGX has raised US$13.4 million (net US$12.4
million) in new equity.
Management
Kerry E. Sully, P.Eng., B.Sc., is President & Chief Executive Officer of CGX. Mr.
Sully has over 30 years of petroleum and consulting experience. In 1976, he helped
found Ranchmen?s Resources Ltd. and was its President and Chief Executive Officer
from 1989 to 1995 when Ranchmen?s was the target of a $260-million takeover.
Warren G. Workman, P. Geol., B.Sc., is Vice President Exploration. Mr. Workman is
a highly experienced geophysicist and geologist with more than 26 years of experience
in international and domestic exploration. His career experience includes working for
Amoco Canada Petroleum, Unocal Corporation (where he was involved in the
identification and exploration of offshore oil and gas targets, including projects in the
Gulf of Mexico) and Ranchmen?s Resources, where he was Vice President,
Exploration.
Mr. Workman commented: ?We have four of the largest targets I?ve ever seen in my
career. Few geologists and geophysicists ever get to explore this kind of potential, and
have their theories tested in such a short timeframe?we plan to be drilling in June.? Mr.
Sully, President and Chief Executive, commented: ?We have an opportunity that the
President of every oil company in the world dreams of. Oil is an international business.
We already have significant shareholder holdings in Europe, and, by trading on Ofex,
we will increase our exposure to European investors.?
OFEX
OFEX (www.ofex.co.uk) is an off-exchange share matching and trading facility
operated by J P Jenkins Limited, in conjunction with Newstrack Limited, since
October 1995 to enable London Stock Exchange member firms to deal in the
securities of unlisted and unquoted companies. OFEX price and company-related
information is distributed to quote vendors, including the following services which are
available only to market professionals: Bloomberg; PriMark; Reuters; and FT
Information. OFEX is not directly regulated by either the Financial Services Authority
Limited (U.K.) nor the Securities and Futures Authority Limited (U.K.), but all of J P
Jenkins's trading practices and transactions are regulated by the Securities and Futures
Authority Limited (U.K.). Newstrack Limited is not required by the Financial Services
Act 1986 to be a regulated organisation as it does not carry out investment business.
All trades of OFEX companies which are effected by J P Jenkins Limited are matched
within the CREST electronic settlement system. CGX has appointed IRG PLC as a
U.K. sub-agent to Equity Transfer Services Ltd. in order to be CREST-compliant. All
OFEX trades must be carried out using a U.K. stockbroker. OFEX constituent
companies must follow the requirements of the OFEX Code of Best Practice.
For further information please contact: Kerry Sully, President & CEO, at (604)
733-9647, Dan Farrell or Denis Clement at (416) 364-5569 or Patrick Hickey,
Stoxcapital.com, Dublin, Ireland at 353-1-667-6687 or Caroline Sturdy,
Bell-Pottinger Financial, London, U.K. 0207-353-9203 or visit the CGX website at
www.cgxenergy.com.
THIS PRESS RELEASE WAS PREPARED BY CGX ENERGY INC., WHICH
ACCEPTS THE RESPONSIBILITY AS TO ITS ACCURACY. NO
REGULATORY AUTHORITY OR SIMILAR BODY HAS APPROVED OR
DISAPPROVED THE INFORMATION CONTAINED HEREIN.
120 Adelaide St. West, Suite 512, Toronto, Ontario, Canada M4H 1T1 Fax: (416)
364-5400 Email: info@cgxenergy.com Shares Outstanding: 46,001,307 Fully diluted:
58,889,741
