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CGX Energy Inc. (TSXV: OYL) is a Canadian-based oil and gas exploration company with a focus on the Guyana-Suriname Basin. The company, in partnership with Frontera Energy Corporation, has made significant discoveries in the Corentyne block offshore Guyana, including a total of 114 feet of net pay at the Wei-1 well. With a potential of 514 to 628 mmboe PMean unrisked gross prospective resources, the company is actively pursuing strategic options for commercial development. CGX is also developing a deep-water port in Berbice, Guyana, to serve as an offshore supply base for the oil and gas industry. For the latest financial and operational updates, visit the company's website or view the SEDAR filings.
CGX Energy has announced two major updates: First, its Berbice Port, operated by subsidiary Grand Canal Industrial Estates, commenced commercial operations on December 8, 2024, successfully handling a vessel carrying 3,800 metric tons of aggregates. The port can accommodate vessels up to 150m in length and features a 10-acre port yard with a 5-ton per square metre rating, supported by a 15-acre logistics yard at Bramfield.
Second, regarding the Corentyne Block, CGX and joint venture partner Frontera Energy Guyana are facing uncertainty over their license status. Despite recent discoveries at Kawa-1 and Wei-1 and ongoing communications with the Guyanese government, no formal status update has been received. The JV has initiated a 60-day dispute resolution period to address concerns over recent government comments that have reportedly hampered development efforts.
CGX Energy has released its unaudited Q3 2024 Financial Statements. At the August 30 AGM, five directors were re-elected with 97.8% average approval. Director Mark Zoback resigned effective October 1, 2024. The Joint Venture with Frontera Energy Guyana Corp continues to evaluate the Corentyne block development, where CGX holds 27.48% interest (pending reduction to 23% subject to government approval). Progress on the Berbice Deep Water Port includes completion of security fencing, cameras, trestle extension, and pile driving, with the Administration Building completion expected in November 2024.
CGX Energy Inc. (TSXV: OYL) has released its unaudited Consolidated Financial Statements for the second quarter of 2024, along with its Management, Discussion and Analysis - Quarterly Highlights. These documents are available on the company's website and SEDAR. Key updates include:
1. The Joint Venture (CGX and Frontera Energy Guyana Corp.) is in ongoing discussions with the Government of Guyana regarding the Corentyne block.
2. Strategic options for the Corentyne block are being explored with support from Houlihan Lokey.
3. Progress on the Berbice Deep Water Port (BDWP) includes completed security measures and ongoing construction of a trestle extension and pile driving, expected to be finished by the end of August.
On June 26, 2024, CGX Energy and Frontera Energy, joint venture partners, announced the submission of a Notice of Potential Commercial Interest for the Wei-1 well in the Corentyne block offshore Guyana. This action preserves their interests in the Petroleum Prospecting License. The Wei-1 well, drilled in 2023, fulfilled obligations under the Phase Two of the Second Renewal Period of the original 10-year License and appraised the Kawa-1 Programme. The Joint Venture is in ongoing discussions with the Government of Guyana regarding future activities in the Corentyne block. Supported by Houlihan Lokey, they are exploring strategic options to maximize the block's potential.
CGX Energy Inc. announced the release of its first quarter 2024 unaudited Consolidated Financial Statements, along with Management Discussion and Analysis. The Company updated on the 2023 Joint Operating Agreement Amendment and received cash consideration from Frontera Guyana. Additionally, Houlihan Lokey is supporting the pursuit of strategic options for the Corentyne block.
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