Welcome!

News Feed Item

CGX Energy Files Year-End Audited Financial Statements

(TSX-V | OYL)

TORONTO, March 5, 2014 /CNW/ - CGX Energy Inc. (TSX-V - OYL) ("CGX Energy" or the "Company") announced today the release of its audited consolidated financial results for the year ended December 31, 2013, together with its Management Discussion and Analysis and Annual Information Form. These documents will be posted on the Company's website at www.cgxenergy.com and SEDAR at www.sedar.com.

Dewi Jones, Chief Executive Officer of the Company, commented:  "2013 was a transitional year for CGX Energy.  Now that we have secured the renewal on our petroleum prospecting licences, we are looking forward to 2015 and commencement of our exploration and drilling campaigns.  We continue to attract interest from potential joint venture partners and hope to work alongside our major shareholder, Pacific Rubiales Energy Corp., to develop our substantial Guyana offshore and onshore acreage."

2013 Year-end Overview and Highlights

  • Memorandum of Understanding ("MOU") - subsequent to year end, the Company entered into an MOU with Teikoku Oil (Suriname) Co., Ltd., a wholly-owned subsidiary of Inpex Corporation ("INPEX") and Petronas Suriname E&P B.V (PSE - PBV) ("PETRONAS"),  for rig sharing in the Guyana-Suriname basin. The parties agreed to form a group for rig sharing ("Rig Sharing Group") and will enter into a definitive agreement with respect to the rig share and related support services among the Rig Sharing Group with a view to minimizing their exploration costs by sharing, where practical, rig procurement and related support services for their respective drilling programs. The Company plans to utilize this rig for the drilling of its commitment well under the Company's Corentyne petroleum prospecting licence ("Corentyne PPL").
  • Successful injunction against Repsol - In December 2013, the Company commenced arbitration proceedings against Repsol Exploracion, S.A. ("Repsol") in connection with the expiry of the petroleum prospecting license covering the Georgetown Block.  The Company is of the view that the terms of the joint operating agreement governing the Georgetown Block were still in effect when Repsol allowed the Georgetown petroleum prospecting licence ("Georgetown PPL") to expire and sought out a new petroleum prospecting license covering virtually identical acreage offshore in Guyana, which is now known as the Kanuku petroleum prospecting license. Furthermore, Repsol was aware of CGX's continued interest in the Georgetown PPL and had an obligation to seek renewal of the Georgetown PPL alongside CGX.  In January 2014, CGX obtained an injunction order from the Commercial Court of Guyana restraining Repsol from proceeding with the 30% farm-out of the Kanuku petroleum prospecting license to RWE Dea AG pending the hearing and determination of the arbitration proceedings commenced by CGX against Repsol.
  • Cost Cutting Initiatives - The Company has reduced all non-essential purchases and travel to preserve cash resources.  The Company will continue to evaluate further cost cutting initiatives and is determined to keep general and administrative costs at current or lower levels going forward.  During the fourth quarter, CGX continued to focus on cost cutting initiatives in order to reduce the size of the Company to better reflect current operations. As a result of these initiatives, the Company's general and administrative costs have decreased by approximately 30% on a per month basis, since April, 2013.
  • Strategic Partners and New Initiatives - The Company is in the process of re-interpreting seismic data to delineate a new prospect on the Corenytne PPL with the assistance of Pacific Rubiales Energy Corp. ("Pacific Rubiales") and its technical staff.  The reprocessing is expected to be completed in April 2014.  In the short term, the Company will likely require additional equity financing and seek to widen its shareholder base with a view to longer term farm-out transactions to enhance shareholder value.  The Company has also entered into a master data processing agreement with Vector Seismic Data Processing, Inc. for the reprocessing and merging of seismic surveys relating to the Corentyne petroleum prospecting licence. The reprocessing is expected to be completed by April, 2014.

About CGX Energy

CGX Energy is a Canadian-based oil and gas exploration company focused on the exploration of oil in the Guyana-Suriname Basin.

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.

Forward-Looking Statements:
This news release contains forward-looking statements. Forward-looking statements are frequently characterized by words such as "plan", "expect", "project", "intend", "believe", anticipate", "estimate", "may", "will", "would", "potential", "proposed" and other similar words, or statements that certain events or conditions "may" or "will" occur in the future. These forward-looking statements are based on certain key expectations and assumptions made by CGX Energy. CGX Energy believes the expectations and assumptions on which it develops forward-looking statements are reasonable; however, undue reliance should not be placed on forward-looking statements as there can be no assurance they will prove to be correct. Since forward-looking statements address future events and conditions, by their very nature they involve inherent risks and uncertainties. Actual results could differ materially from those currently anticipated due to a number of factors and risks. In addition, other risks that may affect the forward-looking statements in this news release are outlined further in the Company's Annual Information Form dated March 5, 2014 filed on SEDAR at www.sedar.com.

The forward-looking statements contained in this news release are made as of the date hereof and CGX Energy undertakes no obligation to update publicly or revise any forward-looking statements or information, whether as a result of new information, future events or otherwise, unless so required by applicable securities laws.

SOURCE CGX Energy Inc.

More Stories By PR Newswire

Copyright © 2007 PR Newswire. All rights reserved. Republication or redistribution of PRNewswire content is expressly prohibited without the prior written consent of PRNewswire. PRNewswire shall not be liable for any errors or delays in the content, or for any actions taken in reliance thereon.

Latest Stories
Coca-Cola’s Google powered digital signage system lays the groundwork for a more valuable connection between Coke and its customers. Digital signs pair software with high-resolution displays so that a message can be changed instantly based on what the operator wants to communicate or sell. In their Day 3 Keynote at 21st Cloud Expo, Greg Chambers, Global Group Director, Digital Innovation, Coca-Cola, and Vidya Nagarajan, a Senior Product Manager at Google, discussed how from store operations and ...
As Cybric's Chief Technology Officer, Mike D. Kail is responsible for the strategic vision and technical direction of the platform. Prior to founding Cybric, Mike was Yahoo's CIO and SVP of Infrastructure, where he led the IT and Data Center functions for the company. He has more than 24 years of IT Operations experience with a focus on highly-scalable architectures.
Headquartered in Plainsboro, NJ, Synametrics Technologies has provided IT professionals and computer systems developers since 1997. Based on the success of their initial product offerings (WinSQL and DeltaCopy), the company continues to create and hone innovative products that help its customers get more from their computer applications, databases and infrastructure. To date, over one million users around the world have chosen Synametrics solutions to help power their accelerated business or per...
We are seeing a major migration of enterprises applications to the cloud. As cloud and business use of real time applications accelerate, legacy networks are no longer able to architecturally support cloud adoption and deliver the performance and security required by highly distributed enterprises. These outdated solutions have become more costly and complicated to implement, install, manage, and maintain.SD-WAN offers unlimited capabilities for accessing the benefits of the cloud and Internet. ...
Dion Hinchcliffe is an internationally recognized digital expert, bestselling book author, frequent keynote speaker, analyst, futurist, and transformation expert based in Washington, DC. He is currently Chief Strategy Officer at the industry-leading digital strategy and online community solutions firm, 7Summits.
In an era of historic innovation fueled by unprecedented access to data and technology, the low cost and risk of entering new markets has leveled the playing field for business. Today, any ambitious innovator can easily introduce a new application or product that can reinvent business models and transform the client experience. In their Day 2 Keynote at 19th Cloud Expo, Mercer Rowe, IBM Vice President of Strategic Alliances, and Raejeanne Skillern, Intel Vice President of Data Center Group and ...
Founded in 2000, Chetu Inc. is a global provider of customized software development solutions and IT staff augmentation services for software technology providers. By providing clients with unparalleled niche technology expertise and industry experience, Chetu has become the premiere long-term, back-end software development partner for start-ups, SMBs, and Fortune 500 companies. Chetu is headquartered in Plantation, Florida, with thirteen offices throughout the U.S. and abroad.
Bill Schmarzo, author of "Big Data: Understanding How Data Powers Big Business" and "Big Data MBA: Driving Business Strategies with Data Science," is responsible for setting the strategy and defining the Big Data service offerings and capabilities for EMC Global Services Big Data Practice. As the CTO for the Big Data Practice, he is responsible for working with organizations to help them identify where and how to start their big data journeys. He's written several white papers, is an avid blogge...
DXWorldEXPO LLC announced today that Dez Blanchfield joined the faculty of CloudEXPO's "10-Year Anniversary Event" which will take place on November 11-13, 2018 in New York City. Dez is a strategic leader in business and digital transformation with 25 years of experience in the IT and telecommunications industries developing strategies and implementing business initiatives. He has a breadth of expertise spanning technologies such as cloud computing, big data and analytics, cognitive computing, m...
As DevOps methodologies expand their reach across the enterprise, organizations face the daunting challenge of adapting related cloud strategies to ensure optimal alignment, from managing complexity to ensuring proper governance. How can culture, automation, legacy apps and even budget be reexamined to enable this ongoing shift within the modern software factory?
Bill Schmarzo, author of "Big Data: Understanding How Data Powers Big Business" and "Big Data MBA: Driving Business Strategies with Data Science," is responsible for setting the strategy and defining the Big Data service offerings and capabilities for EMC Global Services Big Data Practice. As the CTO for the Big Data Practice, he is responsible for working with organizations to help them identify where and how to start their big data journeys. He's written several white papers, is an avid blogge...
HyperConvergence came to market with the objective of being simple, flexible and to help drive down operating expenses. It reduced the footprint by bundling the compute/storage/network into one box. This brought a new set of challenges as the HyperConverged vendors are very focused on their own proprietary building blocks. If you want to scale in a certain way, let's say you identified a need for more storage and want to add a device that is not sold by the HyperConverged vendor, forget about it...
One of the biggest challenges with adopting a DevOps mentality is: new applications are easily adapted to cloud-native, microservice-based, or containerized architectures - they can be built for them - but old applications need complex refactoring. On the other hand, these new technologies can require relearning or adapting new, oftentimes more complex, methodologies and tools to be ready for production. In his general session at @DevOpsSummit at 20th Cloud Expo, Chris Brown, Solutions Marketi...
At the keynote this morning we spoke about the value proposition of Nutanix, of having a DevOps culture and a mindset, and the business outcomes of achieving agility and scale, which everybody here is trying to accomplish," noted Mark Lavi, DevOps Solution Architect at Nutanix, in this SYS-CON.tv interview at @DevOpsSummit at 20th Cloud Expo, held June 6-8, 2017, at the Javits Center in New York City, NY.
Historically, some banking activities such as trading have been relying heavily on analytics and cutting edge algorithmic tools. The coming of age of powerful data analytics solutions combined with the development of intelligent algorithms have created new opportunities for financial institutions. In his session at 20th Cloud Expo, Sebastien Meunier, Head of Digital for North America at Chappuis Halder & Co., discussed how these tools can be leveraged to develop a lasting competitive advantage ...