Profile: CGX Energy Inc (OYL.V)
29 Aug 2014
CGX Energy Inc. (CGX), incorporated on February 21, 1994, is an oil and gas exploration company. CGX holds an interest in three Petroleum Agreements (known as the Corentyne, Berbice and Demerara Blocks) covering approximately 3.3 million gross acres (approximately 3 million net acres) offshore and onshore Guyana. CGX’s four direct subsidiaries include CGX Resources Inc. (CGX Resources), ON Energy Inc. (ON Energy), GCIE Holdings Limited and CGX Energy Management Corp.
CGX’s offshore concessions include Corentyne (100%) and Demerara (100%). The original Corentyne Petroleum Agreement covered approximately 2.9 million acres under two separate Petroleum Prospecting Licenses. The Annex PPL (1.0 million acres) was held 100%, as was the offshore portion of the Corentyne PPL (1.5 million acres), while the onshore portion of the Corentyne Petroleum Prospecting License (0.4 million acres) was held net 62% by CGX through ON Energy. The Demerara License consists of approximately one million acres (3,975 square kilometers) offshore Guyana.
CGX holds its onshore concessions, which include the Berbice License, through ON Energy Inc., which is a 62% subsidiary. The Berbice License consists of 814,194 gross acres (3,295 square kilometers) onshore Guyana.
CGX Energy Inc
Suite 1100, 333 Bay Street
TORONTO ON M5H 2R2