"CGX Energy" announced today the release of its unaudited consolidated financial results for the quarter ended March 31, 2014, together with its Management Discussion and Analysis. These documents will be posted on the Company's website at www.cgxenergy.com and on SEDAR at www.sedar.com.
First Quarter 2014 Overview and Highlights
CGX Energy reported a net loss of $1,185,644 or $0.02 per share for the three month period ended March 31, 2014, compared with a net loss of $1,074,921 or $0.03 per share for the same period in 2013.
During the first quarter of 2014, CGX Energy continued to focus on cost cutting initiatives and, as a result, the Company's general and administrative costs for the three month period ended March 31, 2014 have decreased by approximately$19,000 per month to $436,269. In addition, management and consulting fees have decreased by $255,402 to $543,988, as compared to the same period in 2013. The Company expects general and administrative costs to decrease further in the second quarter, while management and consulting fees are expected to be consistent in the coming quarter as a result of the joint venture process and the Company's ongoing litigation with Repsol Exploracion, S.A.
As announced on February 25, 2014, CGX Energy has entered into a Memorandum of Understanding with Teikoku Oil (Suriname) Co., Ltd., a wholly-owned subsidiary of INPEX CORPORATION and PETRONAS Suriname E&P B.V (PSE PBV), for rig sharing in the Guyana-Suriname basin and the Company plans to utilize this rig for the drilling of its commitment well under the Company's Corentyne petroleum prospecting licence (the "Corentyne PPL").
The reprocessing of the seismic data relating to the Corentyne PPL and the merging of the existing seismic surveys was completed in April. The Company is now in the process of re-interpreting the seismic data to delineate a new prospect on the Corenytne PPL with the assistance of Pacific Rubiales Energy Corp. and its technical staff. CGX Energy will be providing the new data to potential joint venture partners with a view to farming out the Corentyne PPL. In the short term, the Company will likely 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.
The Company continues to actively pursue and explore strategic joint venture partnerships for all three of its petroleum prospecting licenses in Guyana and has a technical data room open at its Houston office.
About CGX Energy
CGX Energy is a Canadian-based oil and gas exploration company focused on the exploration of oil in the Guyana-Suriname Basin.
You must be logged in to post a comment.