Re: June 2 Jennings comment on CGX
posted on
Jun 03, 2009 12:21PM
Edit this title from the Fast Facts Section
I tried a copy and paste Digby hope this works. Zibo
CGX E
NERGY INC.1 (TSXV-OYL C$1.55) MKT CAP C$196 MILLION
R
ECOMMENDATION: SPECULATIVE BUY
; TARGET: C$2.00A
NALYST: GREG CHORNOBOY
Q1 Financial Results Released
CGX posted its Q1/09 financial results on SEDAR. The Company reported a net loss and net cash flow loss of US$567k, or US$0.01 per share, for the quarter ended March 31, as compared to a US$229k loss or US$0.00 per share in Q4/08. G&A fees (including G&A, consulting, professional fees and shareholders information) were US$325k for the quarter, down from US$579k in Q4/08. The Company incurred no stock-based compensation during the quarter. These were all in line with our estimates.
On its balance sheet, the Company’s had US$21.8 million cash on hand and no debt (cash value per share is C$0.19 using a foreign exchange rate of 0.90 US$/C$). Capital expenditures for Q1/09 were US$987k, the majority of which was spent on 3D seismic on the Georgetown Block.
CGX had retained Jefferies Randall & Dewey as its advisor to market a joint venture opportunity on the Company’s Corentyne PA located offshore Guyana. A number of parties reviewed the data but none was prepared to commit to the drilling of a well prior to the interpretation of the new 3D data. The joint venture marketing has been suspended until mid-2009.
Other interesting developments in the Guyana-Suriname Basin in the last several months include: