Business
CGX Energy Files Year-End Audited Consolidated Financial Statements
Toronto, Ontario--(Newsfile Corp. - March 5, 2020) - CGX Energy Inc. (TSXV: OYL) (" CGX Energy...
About this update from Cgx Energy Inc.
[{"type":"text","content":"CGX Energy Files Year-End Audited Consolidated Financial StatementsToronto, Ontario--(Newsfile Corp. - March 5, 2020) - CGX Energy Inc. (TSXV: OYL) (\"CGX Energy\" or the \"Company\") announced today the release of its audited consolidated financial results for the year ended December 31, 2019, together with its Management Discussion and Analysis and Annual Information Form. These documents will be posted on the Company's website at www.cgxenergy.com and SEDAR at www.sedar.com. All values in this new release and the Company's financial disclosures are in United States dollars unless otherwise stated.CGX Energy through CGX Resources Inc. (\"CRI\") and its joint venture partner, Frontera Energy Guyana Corp (\"Frontera Guyana\") intends to drill an exploration well on the Corentyne block by November 27, 2020. CRI and Frontera Guyana also continue to consider the drilling of an exploration well on the Demerara block back to back with the drilling of an exploration well on the Corentyne Block. The commitment exploration well under the Demerara Petroleum Agreement must be drilled by February 12, 2021.Professor Suresh Narine, Executive Chairman and Executive Director (Guyana) of CGX Energy, commented: \"CGX Energy has, over the past three years, embarked on a successful, measured and deliberate trajectory to restructure its finances and clean up its balance sheet, secure funding and joint venture partners, revise its geological assessments in light of recent and continuing discoveries in the Guyana-Suriname basin and acquire further 3D seismic coverage on its Corentyne Block in the northern segment of the block, bordering the Stabroek Block. In 2019 the Company strengthened its board through the addition of Mr. Gabriel de Alba as Co-Chairman and the appointment of Dr. Hermann Tribukait as an independent director. As CGX Energy now moves into a period of financing and technical preparation for drilling, the Company is well equipped both at the board level and with a strong and experienced technical team. The Company, through its wholly owned subsidiary Grand Canal Industrial Estates Inc. has also now begun construction on Phase 1A of its Deep-Water Port Project in Berbice.\"2019 Year-End HighlightsOn September 24, 2019, Frontera Energy Corporation (\"Frontera\") elected to convert the principal amount outstanding ($8,800,000) under its ...