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CGX Energy Files Year-End 2025 Audited Consolidated Financial Statements
Toronto, Ontario--(Newsfile Corp. - March 17, 2026) - CGX Energy Inc. (TSXV: OYL) (" CGX " or the...
About this update from Cgx Energy Inc.
[{"type":"text","content":"CGX Energy Files Year-End 2025 Audited Consolidated Financial StatementsToronto, Ontario--(Newsfile Corp. - March 17, 2026) - CGX Energy Inc. (TSXV: OYL) (\"CGX\" or the \"Company\") announced today the release of its audited consolidated financial statements for the year ended December 31, 2025, together with its Management Discussion and Analysis. These documents 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 and this press release are in United States dollars unless otherwise stated.Berbice River Port ImpairmentDuring the year ended December 31, 2025, the Company recorded a non-cash impairment charge of approximately $17.1 million related to its Berbice River port infrastructure assets in Guyana. The impairment reflects updated assumptions regarding expected utilization levels and the timing of development activities based on information available at year-end 2025.Corentyne License CGX Resources Inc. (\"CGX Resources\"), a wholly-owned subsidiary of the Company, and its partner Frontera Energy Guyana Corp. (\"Frontera Guyana\") are joint venture partners operating the Corentyne block offshore Guyana (the \"Joint Venture\"). The Joint Venture holds a 100% working interest in the Corentyne block, with participating interests of 27.48% for CGX Resources and 72.52% for Frontera Guyana. These interests reflect a 4.52% assignment from CGX Resources to Frontera Guyana agreed in 2023, which remains subject to Government of Guyana (\"GoG\") approval but is enforceable between the parties.The Joint Venture continues to firmly maintain that its interests in the Corentyne block and the related petroleum agreement remain valid and in good standing. The GoG has reaffirmed its position that the Joint Venture's interests expired on June 28, 2024, a position with which the Joint Venture strongly disagrees. The Joint Venture remains committed to asserting its contractual and legal rights and continues to engage in without prejudice communications and good faith discussions with the GoG.Given the ongoing uncertainty regarding the status of the Corentyne license and the Company's ability to access the block, the Company recorded a full impairment of the Corentyne exploration and evaluation asset during 2025. The impairment reflects an accounting assessment u...