Most Popular Reports On OYL

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Business Description
CGX Energy Inc. (CGX) is an oil and gas exploration company operating in Guyana, South America and headquartered in Toronto, Canada. CGX, through its foreign subsidiaries, holds interests in three Petroleum Agreements (Pas) in the Guyana Suriname Basin, a frontier basin in South America. CGX's Petroleum Prospecting Licenses (PPLs) in Guyana cover 3.3 million acres gross, three million acres net. Effective November 27, 2012, CGX transitioned to a new Corentyne petroleum agreement and petroleum prospecting license, renewable after four years for up to ten years. CGX holds its onshore concessions through ON Energy Inc. (ON), a 62% subsidiary. The Berbice License is held by ON and consists of 814,194 gross acres (3,295 square kilometers) onshore Guyana. In April 2013, Pacific Rubiales Energy Corp raised its interest to 64.891% from 18.956%, by acquiring a further 45.935% stake in CGX.