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CGX Energy ( (TSE:OYL) ) has issued an announcement.
CGX Energy and Frontera Energy, joint venture partners in the Petroleum Prospecting License for the Corentyne block offshore Guyana, have received a letter from the Government of Guyana stating that their license and petroleum agreement have terminated. The government intends to cancel any existing licenses unless representations by the joint venture by February 22, 2025, are favorably considered. The joint venture maintains its position that the license and agreement remain valid and is considering legal options to defend its interests. The outcome of this situation could significantly impact the joint venture’s operations and investments in the Corentyne block.
More about CGX Energy
CGX Energy is a Canadian-based oil and gas exploration company focused on exploring oil in the Guyana-Suriname Basin and developing a deep-water port in Berbice, Guyana.
YTD Price Performance: 19.23%
Average Trading Volume: 42,231
Technical Sentiment Consensus Rating: Buy
Current Market Cap: C$49.09M
See more insights into OYL stock on TipRanks’ Stock Analysis page.
