Profile: CGX Energy Inc (OYL.V)
26 May 2017
CGX Energy Inc., incorporated on February 21, 1994, is an oil and gas exploration company. The Company is engaged in exploring for hydrocarbons in Guyana, South America. The Company operates through petroleum and natural gas exploration in Guyana segment. The Company holds an interest in approximately three Petroleum Agreements (known as the Corentyne, Berbice and Demerara Blocks) covering over 3.3 million gross acres (approximately 3 million net acres) offshore and onshore Guyana. The Company's subsidiaries include CGX Resources Inc. (CGX Resources), ON Energy Inc. (ON Energy), GCIE Holdings Limited, Grand Canal Industrial Estates Inc. (Grand Canal) and CGX Energy Management Corp. The Company conducts its exploration activities in Guyana through its subsidiaries. The Company's offshore concessions include Corentyne and Demerara. Its onshore concessions include Berbice.
The original Corentyne petroleum agreement (PA) covers approximately 2.9 million acres under over two separate Petroleum Prospecting Licenses (PPLs). The Company has a new Corentyne PA and PPL covering approximately 6,210 square kilometers. The Corentyne PPL is owned by CGX. The Company also has the Demerara PA and PPL covering approximately 3,970 square kilometers, which was a subset of the Company's original Corentyne PA. The Demerara PPL is owned by CGX. The Government of Guyana issued a new Berbice PA and PPL to ON Energy, which consists of former Berbice PA and the onshore portion of the former Corentyne PPL, covering 3,290 square kilometers. The Berbice PPL is owned by CGX.
CGX Energy Inc
333 Bay St Suite 1100
TORONTO ON M5H 2R2