Cgx Energy Stock Price, News & Analysis

CGX Energy (OTC:CGXEF) announced that its subsidiary, CGX Resources, entered a US$2.5 million senior secured loan facility with Frontera Energy through a Frontera subsidiary to fund CGX's share of corporate working capital and other budgeted costs.

The Loan is available for drawdown in tranches during a 6-month drawdown period, with any single tranche capped at US$1.9 million and aggregate drawdowns capped at US$2.5 million. The Loan and accrued interest are due one year from the loan date. Interest accrues at 19.32% per annum, compounding monthly. The Loan is subject to customary conditions, including regulatory approvals.

The transaction is a related-party arrangement under MI 61-101 and is exempt from valuation and minority shareholder approval; a material change report will disclose required exemptions.

CGX Energy (TSXV: OYL) has announced significant developments including a $56.4 million impairment loss on its Corentyne Block exploration assets in Guyana. The impairment follows challenges with the Government of Guyana's (GoG) unwillingness to recognize the Joint Venture's rights during consultation periods.

Despite maintaining that their interests and license remain valid, the company has written down the Corentyne E&E asset's carrying value to $Nil as of June 30, 2025, from $56.2 million in December 2024. Additionally, the company announced major leadership changes, including the resignation of Dr. Suresh Narine as Executive Director and Co-Chairman, and the appointment of Orlando Cabrales as Chairman, along with new directors Alejandra Bonilla and René Burgos Díaz.

CGX Energy (TSXV: OYL) announced it will release Q2 2025 financial results on August 13, 2025. The company provided an update on the ongoing dispute with the Government of Guyana regarding the Corentyne block license.

On July 23, 2025, the Guyanese government rejected claims from Frontera Energy Corporation and its subsidiaries regarding the block license, stating the Joint Venture's interest expired on June 28, 2024. The government indicated it may consider a final meeting with investors in October 2025.

The Joint Venture, comprising Frontera Guyana (72.52%) and CGX Resources (27.48%), maintains that their interests and license remain valid. While seeking an amicable resolution, they are prepared to pursue legal action if necessary.

CGX Energy (TSXV: OYL) has released its unaudited Q1 2025 financial statements and Management Discussion and Analysis. The company is currently facing significant challenges regarding its operations in Guyana. On March 13, 2025, CGX and its Joint Venture partner Frontera Energy Corporation received a communication from the Guyanese Government indicating conflicting views about the status of their Petroleum Prospecting License (PPL) and Petroleum Agreement for the Corentyne block.

In response, on March 26, 2025, Frontera and its subsidiaries issued a notice of intent to the Government of Guyana, alleging breaches of the UK-Guyana Bilateral Investment Treaty and the Guyana Investment Act. This notice initiated a three-month consultation period for amicable dispute resolution. The Joint Venture maintains that their interests in the Corentyne block remain valid and in good standing.

CGX Energy (TSXV: OYL) and Frontera Energy (TSX: FEC) announced a significant development regarding their joint venture in the Corentyne block offshore Guyana. The Government of Guyana has communicated its intention to terminate the Petroleum Agreement and cancel the Prospecting License with immediate effect.

The Joint Venture strongly maintains that its interests and License for the Corentyne block remain valid and in good standing, disputing the government's position on the agreement's termination. The partners are seeking an amicable resolution with the Guyanese government but have indicated their readiness to pursue legal action if necessary to protect their investments.

CGX Energy Inc (TSXV: OYL) has announced the release of its audited consolidated financial statements for the fiscal year ending December 31, 2024. The company has made these financial disclosures, along with the Management Discussion and Analysis, available on their corporate website and SEDAR+. All financial figures in the disclosures are reported in United States dollars.

CGX Energy announced that it and Frontera Energy, as joint venture partners in the Petroleum Prospecting License for the Corentyne block offshore Guyana, have responded to a recent letter from the Government of Guyana.

In their response letter, the Joint Venture contested the government's purported termination of their license and advised that despite the government's contradictory positions, both the License and their Petroleum Agreement remain valid and in force.

The Joint Venture maintains that its interests in the Corentyne block remain in place and in good standing, and that the Petroleum Agreement has not been terminated. While continuing to assess all legal options to assert their rights, the partners look forward to resolving this matter expeditiously and continuing their multi-year efforts to realize value for the people of Guyana and their shareholders.

CGX Energy (TSXV: OYL) and Frontera Energy (TSX: FEC) have received a communication from the Government of Guyana regarding their joint venture's Petroleum Prospecting License for the Corentyne block. The government claims the License and Petroleum Agreement have terminated, stating there are no reasonable grounds for extensions regarding appraisal or exploration obligations.

The government has given the Joint Venture until February 22, 2025, to submit representations for consideration, with any existing license set to cease effect on March 10, 2025. The Joint Venture maintains that its interests and License for the Corentyne block remain valid and in good standing, and the Petroleum Agreement has not been terminated. The partners are currently assessing all legal options to assert their rights.

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.