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CGX Energy has released its unaudited Q3 2024 Financial Statements. At the August 30 AGM, five directors were re-elected with 97.8% average approval. Director Mark Zoback resigned effective October 1, 2024. The Joint Venture with Frontera Energy Guyana Corp continues to evaluate the Corentyne block development, where CGX holds 27.48% interest (pending reduction to 23% subject to government approval). Progress on the Berbice Deep Water Port includes completion of security fencing, cameras, trestle extension, and pile driving, with the Administration Building completion expected in November 2024.
CGX Energy ha pubblicato il suo bilancio non auditato per il terzo trimestre del 2024. Durante l’assemblea generale annuale del 30 agosto, cinque direttori sono stati rieleggibili con un’approvazione media del 97,8%. Il direttore Mark Zoback si è dimesso con effetto dal 1 ottobre 2024. La joint venture con Frontera Energy Guyana Corp continua a valutare lo sviluppo del blocco Corentyne, dove CGX detiene una partecipazione del 27,48% (in attesa di riduzione al 23% soggetta all’approvazione del governo). I progressi sul Porto Profondo di Berbice includono il completamento della recinzione di sicurezza, delle telecamere, dell’estensione del ponte e della palificazione, con il completamento dell’edificio amministrativo previsto per novembre 2024.
CGX Energy ha publicado sus estados financieros no auditados del tercer trimestre de 2024. En la Asamblea General Anual del 30 de agosto, cinco directores fueron reelegidos con una aprobación promedio del 97.8%. El director Mark Zoback renunció con efecto a partir del 1 de octubre de 2024. La empresa conjunta con Frontera Energy Guyana Corp continúa evaluando el desarrollo del bloque Corentyne, donde CGX posee un interés del 27.48% (en espera de reducción al 23% sujeta a la aprobación del gobierno). Los avances en el Puerto Profundo de Berbice incluyen la finalización de la cerca de seguridad, cámaras, la extensión del puente y la hinca de pilotes, con el edificio administrativo previsto para completarse en noviembre de 2024.
CGX 에너지가 2024년 3분기 비감사 재무제표를 발표했습니다. 8월 30일의 주주총회에서 5명의 이사가 평균 97.8%의 찬성률로 재선출되었습니다. 마크 조백 이사는 2024년 10월 1일자로 사임하게 됩니다. 프론테라 에너지 가이아나와의 합작투자는 CGX가 27.48%의 지분을 보유한 코렌타인 구역 개발을 계속 평가 중이며(정부 승인을 조건으로 23%로 감소할 예정), 베르비체 심해항구의 진행 상황에는 보안 펜스, 카메라, 주탑 연장 및 파일 드라이빙의 완료가 포함되어 있으며, 행정 건물의 완공은 2024년 11월로 예상됩니다.
CGX Energy a publié ses états financiers non vérifiés pour le troisième trimestre de 2024. Lors de l’assemblée générale annuelle du 30 août, cinq administrateurs ont été réélus avec un taux d’approbation moyen de 97,8 %. Le directeur Mark Zoback a démissionné avec effet au 1er octobre 2024. La coentreprise avec Frontera Energy Guyana Corp continue d’évaluer le développement du bloc Corentyne, où CGX détient un intérêt de 27,48 % (en attente de réduction à 23 % sous réserve de l’approbation du gouvernement). Les progrès sur le Port profond de Berbice incluent l’achèvement de la clôture de sécurité, des caméras, de l’extension de la passerelle et du battage de pieux, avec l’achèvement du bâtiment administratif prévu pour novembre 2024.
CGX Energy hat ihre ungeprüften Finanzberichte für das dritte Quartal 2024 veröffentlicht. Bei der Hauptversammlung am 30. August wurden fünf Direktoren mit einer durchschnittlichen Zustimmung von 97,8 % wiedergewählt. Direktor Mark Zoback trat zum 1. Oktober 2024 zurück. Das Joint Venture mit Frontera Energy Guyana Corp bewertet weiterhin die Entwicklung des Corentyne Blocks, an dem CGX einen Anteil von 27,48 % hält (eine Reduzierung auf 23 % steht noch zur Genehmigung durch die Regierung aus). Fortschritte im Berbice Tiefwasserhafen umfassen den Abschluss der Sicherheitszaun, Kameras, den Erweiterung des Brücken und das Rammarbeiten, wobei der Abschluss des Verwaltungsgebäudes für November 2024 erwartet wird.
Positive
- Completion of major infrastructure components at Berbice Deep Water Port
- Strong shareholder support demonstrated by 97.8% approval for director elections
Negative
- Reduction of ownership stake in Corentyne block from 27.48% to 23% pending approval
Toronto, Ontario–(Newsfile Corp. – November 6, 2024) – CGX Energy Inc. (TSXV: OYL) (“CGX” or the “Company“) announced today the release of its unaudited Consolidated Financial Statements for the third quarter of 2024, together with its Management, Discussion and Analysis – Quarterly Highlights (the “Financial Disclosures“). These Financial Disclosures will be posted on the Company’s website at www.cgxenergy.com and on SEDAR+ at www.sedarplus.ca. All values in the Financial Disclosures are in United States dollars unless otherwise stated.
Company Updates:
AGM Results Summary
The Company held its Annual General and Special Meeting of Shareholders (the “AGM“) on August 30, 2024. All five director nominees outlined in the management proxy circular were re-elected. Directors Professor Suresh Narine, Mr. Gabriel de Alba, Mr. Orlando Cabrales Segovia, Mr. Dennis Mills, and Mr. Mark Zoback secured an average shareholder approval of 97.8%. The detailed voting results show overwhelming support, with only a small percentage of votes withheld.
As disclosed in notice of the AGM, Mr. Hermann Tribukait did not stand for re-election. The CGX Board of Directors and management express their gratitude to Mr. Tribukait for his contributions since joining the Board on November 7, 2019, and wish him success in his future endeavors.
Director Resignation
Subsequent to the AGM, Mark Zoback stepped down from his role as a director of the Company, effective October 1, 2024. The CGX Board of Directors and management extend their thanks to Mr. Zoback for his contributions since joining the Board on February 8, 2021, and wish him success in his future endeavors.
Corentyne License Update
CGX and Frontera Energy Guyana Corp (“Frontera Guyana“), joint venture partners, (the “Joint Venture“) remain committed to the potential development of the Corentyne block as supported by the recent discoveries. While the Company continues to remain confident about the potential of the Corentyne block, the Company is reviewing all available alternatives to safeguard its interest in the block and Guyana.
The Company is the operator of the Corentyne block and currently holds a 27.48% working interest, while Frontera Guyana holds the remaining 72.52% interest in the block. Pursuant to the amendment dated August 9, 2023 to the joint operation agreement dated January 30, 2019 between CGX Resources Inc., the Company’s wholly-owned subsidiary, and Frontera Guyana, the Company has agreed to transfer an additional 4.52% participating interest to Frontera Guyana, which transfer is subject to approval from the Government of Guyana.
Berbice Deep Water Port Update
In June 2024, the Company constructed a security fence around the perimeter of the yard and installed security cameras. The trestle extension and driving of piles for fendering and mooring to aid in bringing vessels alongside was completed in October and the Administration Building will finish in November 2024.
About CGX
CGX is a Canadian-based oil and gas exploration company focused on the exploration of oil in the Guyana-Suriname Basin and the development of a deep-water port in Berbice, Guyana.
NEITHER THE TSX VENTURE EXCHANGE NOR ITS REGULATION SERVICES PROVIDER (AS THAT TERM IS DEFINED IN THE POLICIES OF THE TSX VENTURE EXCHANGE) ACCEPTS RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THIS RELEASE.
Cautionary and Forward-Looking Statements:
This news release contains forward-looking information or forward-looking statements within the meaning of applicable securities law (“forward-looking statements“). All statements, other than statements of historical fact, that address activities, events or developments that CGX believes, expects or anticipates will or may occur in the future (including, without limitation, statements regarding: exploration and development plans and objectives with regards to the Kawa-1 or Wei-1 wells at the Corentyne block or the Berbice deep water port; and the completion of certain construction activities at the Berbice deep water port) are forward-looking statements. Generally, the forward-looking statements can be identified by the use of forward looking terminology such as “continue”, “potential” or variations of such words and phrases or state that certain actions, events or results “will” be taken, occur or be achieved. These forward-looking statements reflect the current expectations or beliefs of CGX based on information currently available to it. Forward-looking statements are subject to a number of risks and uncertainties that may cause actual results to differ materially from those discussed in the forward-looking statements, and even if such actual results are realized or substantially realized, there can be no assurance that they will have the expected consequences to, or effects on, the Company. Factors that could cause actual results or events to differ materially from current expectations include, among other things: the need to obtain any required regulatory approvals; the ability of the Joint Venture to successfully explore and develop offshore blocks, and to fund exploration and development and the impact thereof of unforeseen costs and expenses; changes in equity and debt markets; perceptions of the prospects and the prospects of the oil and gas industry in the countries where the Company operates or has investments; and the other risks disclosed under the heading “Risk and Uncertainties” and elsewhere in the Management’s Discussion and Analysis dated March 7, 2024 filed on SEDAR+ at www.sedarplus.ca. Any forward-looking statement speaks only as of the date on which it is made and, except as may be required by applicable securities laws, CGX disclaims any intent or obligation to update any forward-looking statement, whether as a result of new information, future events or results or otherwise. Although CGX believes that the assumptions inherent in the cautionary and forward-looking statements applicable to it are reasonable, forward-looking statements are not guarantees of future performance and accordingly undue reliance should not be put on such statements due to the inherent uncertainty therein.
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/229146
FAQ
What is the current ownership structure of CGX Energy (CGXEF) in the Corentyne block?
CGX Energy currently holds a 27.48% working interest in the Corentyne block, while Frontera Guyana holds 72.52%. A pending transfer will reduce CGX’s stake by 4.52%, subject to Government of Guyana approval.
What progress has been made on CGX Energy’s (CGXEF) Berbice Deep Water Port in 2024?
In 2024, CGX completed security fencing, camera installation, trestle extension, and pile driving for fendering and mooring. The Administration Building is scheduled for completion in November 2024.
What were the results of CGX Energy’s (CGXEF) 2024 Annual General Meeting?
At the August 30, 2024 AGM, all five director nominees were re-elected with an average approval rate of 97.8%. Subsequently, Mark Zoback resigned effective October 1, 2024.
