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CGX Energy Announces Third Quarter Results and Operational Update
Toronto, Ontario--(Newsfile Corp. - November 4, 2020) - CGX Energy Inc. (TSXV: OYL) (" CGX E...
About this update from Cgx Energy Inc.
[{"type":"text","content":"CGX Energy Announces Third Quarter Results and Operational UpdateToronto, Ontario--(Newsfile Corp. - November 4, 2020) - CGX Energy Inc. (TSXV: OYL) (\"CGX Energy\" or the Company\") announced today the release of its unaudited Consolidated Financial Statements for the third quarter of 2020 ended September 30, 2020, together with its Management's Discussion and Analysis - Quarterly Highlights (\"MD&A\"). These documents will be posted on the Company's website at www.cgxenergy.com and SEDAR at www.sedar.com. All values in this news release and the Company's financial disclosures are in United States dollars unless otherwise stated.Third Quarter and Recent HighlightsThe Company held its annual and special meeting of shareholders (the \"AGM\") on Wednesday September 30, 2020, where each of the five nominees proposed as directors in CGX Energy's management proxy circular dated August 17, 2020 (the \"MPC\") were elected as directors of the Company. The directors proposed in the MPC achieved an average approval vote of 99.8% from CGX Energy's shareholders. The detailed results of the vote at the AGM are set out below:NomineeOutcome of VoteVotedVoted (%)Gabriel De AlbaApprovedFor: 213,216,579Withhold: 471,12599.8%0.2%Dennis MillsApprovedFor: 213,287,666Withhold: 400,03899.8%0.2%Suresh NarineApprovedFor: 213,118,595Withhold: 569,10999.7%0.3%Duncan NightingaleApprovedFor: 213,202,261Withhold: 485,44399.8%0.2%Hermann TribukaitApprovedFor: 213,205,146Withhold: 482,55899.8%0.2% Operational Update - Oil and Gas AssetsAs the global pandemic related to Coronavirus disease 2019 (\"COVID-19\") continues, CGX has continued with its plan to protect the health and safety of its employees and all stakeholders. The Company's alternative working arrangements for employees to work from home in Canada, Guyana and the USA are still in place. Operational activities in Guyana have been affected throughout most of 2020 due to the COVID-19 Pandemic. The Company continues to have constructive collaborative discussions with the regulatory authorities in Guyana regarding work commitments in that country. The Company looks forward to continuing this discussion with the Government of Guyana.Drilling ProgramCRI, the operator of the Corentyne Block under a Joint Operating Agreement (\"JOA\") with Frontera Energy Guyana Corp. (\"FEGC\"), completed its evalu...