CGX Announces Commencement of Commercial Operation of Berbice Port and Provides Update on Corentyne Block
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 ha annunciato due importanti aggiornamenti: In primo luogo, il suo porto di Berbice, gestito dalla sussidiaria Grand Canal Industrial Estates, ha avviato le operazioni commerciali l'8 dicembre 2024, gestendo con successo una nave che trasportava 3.800 tonnellate metriche di aggregati. Il porto può accogliere navi fino a 150 metri di lunghezza e dispone di un'area portuale di 10 acri con una capacità di 5 tonnellate per metro quadrato, supportata da un'area logistica di 15 acri a Bramfield.
In secondo luogo, riguardo al Corentyne Block, CGX e il partner di joint venture Frontera Energy Guyana stanno affrontando incertezze sullo stato della loro licenza. Nonostante le recenti scoperte a Kawa-1 e Wei-1 e le comunicazioni in corso con il governo guianese, non è stata ricevuta alcuna aggiornamento formale sullo stato. La JV ha avviato un periodo di risoluzione delle controversie di 60 giorni per affrontare le preoccupazioni riguardo ai recenti commenti del governo che hanno apparentemente ostacolato gli sforzi di sviluppo.
CGX Energy ha anunciado dos actualizaciones importantes: Primero, su puerto de Berbice, operado por la subsidiaria Grand Canal Industrial Estates, comenzó operaciones comerciales el 8 de diciembre de 2024, manejando exitosamente un buque que transportaba 3,800 toneladas métricas de agregados. El puerto puede acomodar embarcaciones de hasta 150 metros de largo y cuenta con un patio portuario de 10 acres con una capacidad de 5 toneladas por metro cuadrado, respaldado por un patio logístico de 15 acres en Bramfield.
En segundo lugar, sobre el Bloque Corentyne, CGX y su socio de joint venture Frontera Energy Guyana enfrentan incertidumbre sobre el estado de su licencia. A pesar de los recientes descubrimientos en Kawa-1 y Wei-1 y las comunicaciones en curso con el gobierno guyanés, no se ha recibido ninguna actualización formal sobre el estado. La JV ha iniciado un período de resolución de disputas de 60 días para abordar las preocupaciones sobre los recientes comentarios del gobierno que aparentemente han obstaculizado los esfuerzos de desarrollo.
CGX 에너지는 두 가지 주요 업데이트를 발표했습니다: 첫째, 자회사인 Grand Canal Industrial Estates가 운영하는 버비스 항구가 2024년 12월 8일 상업 운영을 시작했으며, 3,800 메트릭 톤의 골재를 실은 선박을 성공적으로 처리했습니다. 이 항구는 최대 150미터 길이의 선박을 수용할 수 있으며, 10에이커의 항구 야드와 평당 5톤의 용량을 자랑하며, 브램필드에 15에이커의 물류 야드가 지원하고 있습니다.
둘째, 코렌타인 블록에 관하여 CGX와 합작 투자 파트너인 프론테라 에너지 가이아나는 면허 상태에 대한 불확실성에 직면해 있습니다. 카와-1과 웨이-1에서의 최근 발견과 기아나 정부와의 지속적인 소통에도 불구하고, 공식적인 상태 업데이트는 아직 받지 못했습니다. JV는 최근 정부의 논평으로 인해 개발 노력이 방해받았다며 60일 분쟁 해결 기간을 시작했습니다.
CGX Energy a annoncé deux mises à jour majeures : Premièrement, son port de Berbice, géré par la filiale Grand Canal Industrial Estates, a commencé ses opérations commerciales le 8 décembre 2024, en gérant avec succès un navire transportant 3 800 tonnes métriques d'agrégats. Le port peut accueillir des navires jusqu'à 150 mètres de long et dispose d'un espace portuaire de 10 acres avec une capacité de 5 tonnes par mètre carré, soutenu par un espace logistique de 15 acres à Bramfield.
Deuxièmement, concernant le Bloc Corentyne, CGX et son partenaire de coentreprise Frontera Energy Guyana font face à des incertitudes concernant leur statut de licence. Malgré les récentes découvertes à Kawa-1 et Wei-1 et la communication continue avec le gouvernement guyanais, aucun mise à jour formelle du statut n'a été reçue. La coentreprise a lancé une période de résolution des différends de 60 jours pour traiter les préoccupations concernant les récents commentaires du gouvernement qui auraient entravé les efforts de développement.
CGX Energy hat zwei wichtige Updates bekanntgegeben: Erstens hat der Hafen von Berbice, der von der Tochtergesellschaft Grand Canal Industrial Estates betrieben wird, am 8. Dezember 2024 den Geschäftsbetrieb aufgenommen und erfolgreich ein Schiff mit 3.800 metrischen Tonnen Baustoffen abgefertigt. Der Hafen kann Schiffe bis zu 150 Meter Länge aufnehmen und verfügt über einen 10 Hektar großen Hafenplatz mit einer Tragfähigkeit von 5 Tonnen pro Quadratmeter, unterstützt von einem 15 Hektar großen Logistikgelände in Bramfield.
Zweitens, hinsichtlich des Corentyne Blocks, sehen sich CGX und der Joint-Venture-Partner Frontera Energy Guyana mit Unsicherheiten bezüglich ihres Lizenzstatus konfrontiert. Trotz der jüngsten Entdeckungen bei Kawa-1 und Wei-1 und fortdauernder Kommunikation mit der Regierung von Guyana wurde kein offizielles Statusupdate erhalten. Das JV hat einen 60-tägigen Streitbeilegungszeitraum eingeleitet, um Bedenken hinsichtlich der jüngsten Kommentare der Regierung zu klären, die Berichten zufolge die Entwicklungsanstrengungen behindert haben.
- Berbice Port successfully commenced commercial operations
- Port infrastructure capable of handling vessels up to 150m with 10-acre yard
- Previous successful discoveries at Kawa-1 and Wei-1 wells
- Uncertainty over Corentyne block license status
- Government comments causing material harm to development efforts
- Forced to initiate dispute resolution process with Guyanese government
Toronto, Ontario--(Newsfile Corp. - December 12, 2024) - CGX Energy Inc. (TSXV: OYL) ("CGX" or the "Company") announced today the commencement of commercial operation of the Berbice Port and provided an update on the Corentyne Block.
Berbice Deep Water Port Update
The Company is pleased to announce that the Berbice Port, owned and operated by its wholly-owned subsidiary, Grand Canal Industrial Estates Inc., is now fully accredited to operate and has begun operations as of Sunday December 8, 2024, when a vessel of 90m by 25m with a load of 3,800 metric tons of aggregates was safely moored and offloaded. The Port is now open for business and long-term agreements for its use are being negotiated. The facility can accommodate vessels of up to 150m in length and provides 10 acres of port yard rated at 5 tons per square metre. The port is accessible from the main Corentyne highway by a 3 km stretch of road rated at 5 tons per axle. The facility is also supported by a 15 acre logistics yard at Bramfield, along the Corentyne highway, 3.2 km from the Port.
Corentyne License Update
As previously indicated, the Company and its joint venture partner Frontera Energy Guyana Corp. ("Frontera" and together with CGX the "JV") remain committed to the potential development of the Corentyne block as supported by the JV's recent discoveries at Kawa-1 and Wei-1.
The JV has engaged in ongoing constructive communications with the Government of Guyana regarding the Corentyne block with the latest one occurring on September 25, 2024. To date, the JV has not received any formal communications from the Government of Guyana regarding the status of the license. The JV is firmly of the view that the Corentyne block Petroleum Agreement remains in place. The JV recognizes that recent comments from certain Government officials have created confusion amongst stakeholders, which have materially affected the JV and caused substantial harm to the JV's efforts to develop the Corentyne Block. The JV is reviewing all alternatives to safeguard its interest in the Corentyne block and Guyana and has sent the Government of Guyana a letter activating a sixty (60) day period for the parties to the Corentyne block Petroleum Agreement to make all reasonable efforts to amicably resolve all disputes via negotiation, as provided for in the Corentyne block Petroleum Agreement.
About CGX
CGX is a Canadian-based oil and gas exploration company focused on the exploration of oil in the Guyana-Suriname Basin and the development of a deep-water port in Berbice, Guyana. NEITHER THE TSX VENTURE EXCHANGE NOR ITS REGULATION SERVICES PROVIDER (AS THAT TERM IS DEFINED IN THE POLICIES OF THE TSX VENTURE EXCHANGE) ACCEPTS RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THIS RELEASE.
Cautionary and Forward-Looking Statements:
Cautionary and Forward-Looking Statements: This news release contains forward-looking information or forward-looking statements within the meaning of applicable securities law ("forward-looking statements"). All statements, other than statements of historical fact, that address activities, events or developments that CGX believes, expects or anticipates will or may occur in the future (including, without limitation, statements regarding: exploration and development plans and objectives with regards to the Kawa-1 or Wei-1 wells at the Corentyne block or the Berbice deep water port; the completion of certain construction activities at the Berbice deep water port; and agreements in respect of the utilization of the Berbice deep water port) are forward-looking statements. Generally, the forward-looking statements can be identified by the use of forward-looking terminology such as "continue", "potential" or variations of such words and phrases or state that certain actions, events or results "will" be taken, occur or be achieved. These forwardlooking statements reflect the current expectations or beliefs of CGX based on information currently available to it. Forward-looking statements are subject to a number of risks and uncertainties that may cause actual results to differ materially from those discussed in the forward-looking statements, and even if such actual results are realized or substantially realized, there can be no assurance that they will have the expected consequences to, or effects on, the Company. Factors that could cause actual results or events to differ materially from current expectations include, among other things: the need to obtain any required regulatory approvals; the ability of the JV to successfully explore and develop offshore blocks, and to fund exploration and development and the impact thereof of unforeseen costs and expenses; changes in equity and debt markets; perceptions of the prospects and the prospects of the oil and gas industry in the countries where the Company operates or has investments; and the other risks disclosed under the heading "Risk and Uncertainties" and elsewhere in the Management's Discussion and Analysis dated March 7, 2024 filed on SEDAR+ at www.sedarplus.ca. Any forward-looking statement speaks only as of the date on which it is made and, except as may be required by applicable securities laws, CGX disclaims any intent or obligation to update any forward-looking statement, whether as a result of new information, future events or results or otherwise. Although CGX believes that the assumptions inherent in the cautionary and forwardlooking statements applicable to it are reasonable, forward-looking statements are not guarantees of future performance and accordingly undue reliance should not be put on such statements due to the inherent uncertainty therein.
For further information: Please contact Todd Durkee, Vice President, Development, CGX, (281) 747-9980, www.cgxenergy.com.
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/233502
FAQ
When did CGX Energy's Berbice Port start commercial operations?
What is the current status of CGXEF's Corentyne Block license in Guyana?
What are the specifications of CGX Energy's new Berbice Port facility?
What actions has CGXEF taken regarding the Corentyne Block dispute?
What discoveries has CGXEF made in the Corentyne Block?
