00:54:55 EDT Fri 29 Mar 2024
Enter Symbol
or Name
USA
CA



CGX Energy Inc (2)
Symbol OYL
Shares Issued 93,738,033
Close 2015-05-29 C$ 1.02
Market Cap C$ 95,612,794
Recent Sedar Documents

CGX Energy loses $837,278 in Q1

2015-05-29 23:14 ET - News Release

Mr. Michael Galego reports

CGX ENERGY FILES FIRST QUARTER FINANCIAL STATEMENTS

CGX Energy Inc. has released its unaudited consolidated financial results for the quarter ended March 31, 2015, together with its management's discussion and analysis. These documents will be posted on the company's website and at SEDAR.

Dewi Jones, chief executive officer of the company, commented: "We are encouraged by the recent announcement from ExxonMobil in connection with their significant discovery on the Stabroek block located approximately 120 miles offshore Guyana and immediately adjacent to our acreage. ExxonMobil has reported more than 295 feet of high-quality oil-bearing sandstone reservoirs on their Liza-1 well. With this discovery, we will now move quickly to determine how best to develop our acreage given our current financial constraints."

First quarter 2015 overview and highlights:

  • Financial results: The company recorded a net loss of $837,278 or one cent a share for the three-month period ended March 31, 2015, compared with $1,185,644 or two cents a share for the same period in 2014.
  • Partners and new initiatives: The company continues to seek a joint venture partner for all three if its petroleum prospecting licences and is actively pursuing this initiative. In the short term, the company will require additional financing and seek to widen its shareholder base, but still with a view to negotiating farm-out transactions as the primary way to enhance shareholder value.
  • Cost-cutting initiatives: General and administrative costs increased slightly to $447,593 in the three-month period ended March 31, 2015, from $436,269 for the same period in 2014. These lower costs are consistent with the prior year and are a continued result of an overall cost-cutting initiative undertaken by the company in the latter half of 2013 driven by the reduction in non-essential staff and purchases. In addition, management and consulting fees decreased to $502,667 during the three-month period ended March 31, 2015, compared with $543,988 for the same period in 2014.
  • Rig agreement: Subsequent to March 31, 2015, the company received an invoice for its share relating to the mobilization fee of approximately $5.6-million under the definitive rig agreement with Japan Drilling Co. Ltd. and related rig-sharing agreement with Teikoku Oil (Suriname) Co. Ltd., a wholly owned subsidiary of Inpex Corp., for the provision of rig services for the use of the jackup drilling rig known as the Hakuryu-12 rig. The company is currently considering all of its available options under this agreement.

We seek Safe Harbor.

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