Cgx Energy Stock Price, News & Analysis

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.

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.