Business
CGX Energy Files Year-End Audited Financial Statements
Toronto, Ontario--(Newsfile Corp. - April 24, 2019) - CGX Energy Inc. (TSXV: OYL) (" CGX Energ...
About this update from Cgx Energy Inc.
[{"type":"text","content":"CGX Energy Files Year-End Audited Financial StatementsToronto, Ontario--(Newsfile Corp. - April 24, 2019) - 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, 2018, together with its Management Discussion and Analysis. 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.Professor Suresh Narine, Executive Chairman and Executive Director (Guyana) of CGX Energy commented: \"2018 has been a strong and positive year for CGX Energy, witnessing the Company build on the momentum established in 2017, post the renegotiation of the Company's workplans and licenses. Several key milestones were accomplished:CGX Energy and its major shareholder Frontera Energy Corporation (TSX: FEC) (\"Frontera\") inked an agreement allowing Frontera to farm in to 33.333% on the Company's Corentyne and Demerara blocks. The Joint Venture, which requires Government of Guyana approval, will allow CGX Energy to address its legacy debt with Frontera and provide working capital for the Company's ongoing work commitments on its Berbice, Corentyne and Demerara blocks, through a signing bonus of $33,300,000 paid by Frontera. With the Frontera joint venture, which also involves a 1:1.25 carry on direct well costs, CGX Energy will be positioned to accelerate development of the Corentyne and Demerara blocks, CGX Energy's two largest offshore concessions. The Company successfully completed a rights offering (\"Offering\") in the amount of Canadian dollar (\"C$\") $29,025,579. The Offering allowed CGX Energy to ensure that its shareholders were provided an opportunity to participate in the Company's restructuring of its debt and advancing its exploration program in Guyana. The success of the Offering, which was oversubscribed, signals strong support for CGX Energy in its ongoing operations and prospects and allowed the Company to address its debt to Japan Drilling Co., Ltd. (\"JDC\") as well as inject additional working capital into the Company.Through its 62.5% owned subsidiary ON Energy Inc., the Company completed a geochemical survey over the Berbice block covering an area ...