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CGX Energy Files First Quarter Financial Statements
Toronto, Ontario--(Newsfile Corp. - May 9, 2025) - CGX Energy Inc. (TSXV: OYL) ("CGX" or the "Com...
About this update from Cgx Energy Inc.
[{"type":"text","content":"CGX Energy Files First Quarter Financial StatementsToronto, Ontario--(Newsfile Corp. - May 9, 2025) - CGX Energy Inc. (TSXV: OYL) (\"CGX\" or the \"Company\") announced today the release of its unaudited consolidated financial statements for the first quarter of 2025, together with its Management Discussion and Analysis (the \"Financial Disclosures\"). The Financial Disclosures will be posted on the Company's website at www.cgxenergy.com and on SEDAR+ at www.sedarplus.ca. All values in the Financial Disclosures are in United States dollars unless otherwise stated.Guyana ExplorationOn March 13, 2025, CGX and Frontera Energy Corporation (\"Frontera\" and with CGX, the \"Joint Venture\") announced the receipt of a communication from the Government of Guyana indicating that, on the one hand, the Government was of the view that the Petroleum Prospecting License (\"PPL\") and Petroleum Agreement are at an end but, on the other hand, that the Government was terminating the Petroleum Agreement and cancelling the PPL.In addition, on March 26, 2025, Frontera and its subsidiaries Frontera Petroleum International Holding B.V. and Frontera Energy Guyana Holding Ltd. (the \"Investors\") sent a notice of intent to the Government of Guyana, by which the Investors alleged breaches of the United Kingdom - Guyana Bilateral Investment Treaty (BIT) and the Guyana Investment Act by the Government of Guyana (the \"Notice of Intent\"). The Notice of Intent initiated a three-month period for consultations and negotiations between the parties to resolve the dispute amicably.The Joint Venture remains firmly of the view that its interest in, and the PPL for, the Corentyne block remain in place and in good standing, and continues to invite the Government to amicably resolve the issues affecting the Joint Venture's investments in the Corentyne block. Should the parties not reach a mutually agreeable solution, the Joint Venture and its other stakeholders are prepared to assert their legal rights.The Joint Venture looks forward to expeditiously resolving this matter and continuing its multi-year efforts and investments to realize value for the people of Guyana and its shareholders from the Corentyne block.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 dee...