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.
