Experience - CGX Energy
CGX Energy
Publicly-listed CGX Energy (TSX: OYL) is exploring for oil and gas offshore Guyana in South America. The company owns several concessions in an area which, according to the World Petroleum Institute, has one of the highest potentials in the world of producing the next giant petroleum resource.
On the advice of its underwriters including Alexander Capital, CGX took advantage of positive market sentiment toward the company following resolution of a long-fought dispute over international offshore boundaries. CGX entered into a US$30 million bought deal equity private placement which was quickly oversubscribed by investors and went to an immediate premium price in the aftermarket. This financing enabled CGX to complete detailed 3D drilling studies in advance of an active drilling program set to begin in 2010.