Profile: CGX Energy Inc (OYL.V)
CGX Energy Inc. (CGX), incorporated on February 21, 1994, is an oil and gas exploration company operating in Guyana, South America and headquartered in Toronto, Canada. CGX, through its foreign subsidiaries, holds interests in three Petroleum Agreements (Pas) in the Guyana Suriname Basin, a frontier basin in South America. CGX's Petroleum Prospecting Licenses (PPLs) in Guyana cover 3.3 million acres gross, three million acres net. In April 2013, Pacific Rubiales Energy Corp raised its interest to 64.891% from 18.956%, by acquiring a further 45.935% stake in CGX.
CGX’s offshore concessions include Corentyne (100%) and Demerara 100%). The original Corentyne License issued, in 1998, consisted of 2.8 million acres, 2.5 million acres of which were offshore and comprised 1.5 million acres on the Corentyne license and one million acres on the Corentyne Annex, and .3 million acres onshore. Effective November 27, 2012, CGX transitioned to a new Corentyne petroleum agreement and petroleum prospecting license, renewable after four years for up to ten years. The new Corentyne License applies to the offshore portion of the original Corentyne license and consists of 1.5 million acres (6,212 square kilometers). The Demerara License (formerly the Annex License) consists of approximately 1.0 million acres (3,975 square kilometers) offshore Guyana.
CGX holds its onshore concessions through ON Energy Inc. (ON), a 62% subsidiary. The Berbice License is held by ON and consists of 814,194 gross acres (3,295 square kilometers) onshore Guyana.
CGX Energy Inc
Suite 1100, 333 Bay Street
TORONTO ON M5H 2R2