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CGX Energy Announces Third Quarter Results, Completion of Seismic Data Acquisition and Appointments to its Board of Directors
Toronto, Ontario--(Newsfile Corp. - November 7, 2019) - CGX Energy Inc. (TSXV: OYL) (" CGX " o...
About this update from Cgx Energy Inc.
[{"type":"text","content":"CGX Energy Announces Third Quarter Results, Completion of Seismic Data Acquisition and Appointments to its Board of DirectorsToronto, Ontario--(Newsfile Corp. - November 7, 2019) - CGX Energy Inc. (TSXV: OYL) (\"CGX\" or the \"Company\") announces the release of its unaudited consolidated financial statements for the third quarter of 2019, together with its Management, Discussion and Analysis - Quarterly Highlights. 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 Results and Recent HighlightsFor the nine month period ended September 30, 2019, the Company improved its working capital by $61,045,379 to positive working capital of $5,145,061 and recorded cash on hand as at September 30, 2019 of $18,399,047.The Company incurred net exploration and evaluation expenditures of $8,506,301 during the nine month period ended September 30, 2019 primarily due to activities being undertaken to satisfy work commitments under the Corentyne Block Petroleum Agreement (the \"Corentyne PA\"), undertaken by its wholly owned subsidiary CGX Resources Inc. (\"CRI\").On September 24, 2019, Frontera Energy Corporation (\"Frontera') elected to convert the principal amount outstanding of $8,000,000 under its Bridge Loan facility due September 30, 2019. As a result of conversion of the Bridge Loan, the Company issued 40,000,000 common shares.On September 23, 2019, the Company, through CRI, as the operator of the Corentyne Block under a Joint Operating Agreement with Frontera Energy Guyana Corp, executed a contract with PGS Geophysical SA to provide acquisition and processing of a full broadband marine 3D seismic survey to produce seismic data covering approximately 582 km2 of the northern portion of the Corentyne Block offshore in Guyana. The seismic acquisition commenced on October 18, 2019 and was successfully completed on November 2, 2019.In September 2019, CRI also executed a letter of understanding (\"LOU\") with Rowan Rigs S.a.r.l. (the \"Contractor\") regarding the drilling rig contract entered into on December 14, 2018, which required the prepayment of certain costs for the use of the Ralph Coffman offshore jack-up rig. Under the terms of the LOU, CRI has ...