Cash-strapped CGX owes Repsol US$15M

dat is SMALL change in the OIL Business but I dont expect you to know that. I feel sorry for your Students, seriously. No wonder American Kids are at the bottom of the barrel.!!!

THAT's the point moron

Really?? You  fooled me.!!!

.

THIS is the battam house 'oil exploration company' the PPP thieves have handed Guyana's oil future to.

WELL EXPLAINN THIS DUNCE!!! YOU BAREFACE, LYING, CHEATING, THIEFING NO GOOD HO!!!!!

doesn't take much to confuse you, eh bai . . .  ress lil

I said that already after looking at officially filed yearly accounts from CGX. But dem CGX brothers tell me I lie.

Is when is the government going to offer me a high paid job to overlook who they dealing with? Time and time again I pick up on irregularities well before it hits the news. So where is Kari to defend that mansion he built with investors money?

CGX shoulda invest in mekkin coconut oil instead. They woulda had some oil by now, 15 years later and they probably wouldn't be bankrupt 

THat's right. I remember  the buse down and cuss down we got for saying the same things. Now they can't hide the truth any longer.

The truth shall prevail over the Pick Pocket Party/Criminals.

Screaming does not help the information content of your posts. You would find it difficult to convey information in any event since you do not think. You are a reservoir of received wisdom from the PPP. Empty headed nits like you are mere facilitators. Even the PPP has no use for you.

T....in your unfettered enthusiasm to go off on some mythical connection between CGX and the PPP/C, you have made two mistakes.

Firstly,this move by CGX states clearly that it remains a public company in its own right and in fact has been bolstered by, and shown confidence by Pacific Rubiales Energy Corp.which is a current shareholder of the company. So your sad and mistaken contributions here and Redux's "CGX brux" title of this thread are worth little attention.

Kari has no mansion "built with investors money". You chose to overlook the several disclosures and statements historically in this forum that I have no connections with CGX. I own no shares; I do not work for CGX; etc. How much more clarity do you need to get that in to your thick skull? Go look me up on LinkedIn, Facebook and twitter to see where I live and work.

Redux......as much as you may think the PPP scams the country and has nefarious connections with individuals. let me be clear.....CGX is a private Canadian company whose dealings in oil exploration in Guyana are public knowledge and transparent, and conducted above board.

Guyana's oil future has not been handed to anyone. Licenses are granted in the normal manner for this type of economic activity. Stop being Palin-esque and read the newspapers

You clearly missed the point of the shareholder Pacific Rubiales's injection of funds and bringing its expertise to bear in helping move the oil exploration efforts in Guyana. You should be proud of the work that CGX has done over the years, the millions of US dollars it invested, all the hiring and technology transfer and the deep water harbor, etc. You'll be a better person than the raving title of this thread suggests of you.

Kari you always seem eager to defend CGX.  Odd given that you claim no connection to them.

Not to say that I necessarily agree with their GNI detractors.  I do not know enough about them, nor am I interested in knowing, to determine whether their opinions are valid or not.

It might make sense for people who have no insider knowledge of CGX, and no special connection to them, to keep quiet on this.  And that applies to you if your lack of connection to them is as you say it is.

What ever will happen will happen.

CaribJ, reading the same news sources as everyone should provide one with the necessary incentive to comment on the postings on GNI that make this Board less worthy. I have no problems with those who have an anti-PPP axe to grind, and even comment on individuals who benefit from raping the State of its assets. The PPP is no angel and none of us can be expected to be  happy with our current state of affairs. That said, commentary on Guyana's energy sector, and especially the hydro and petroleum efforts must be fair. No other sector can claim to have the transparency and accountability of oil exploration when it comes to normal activities of the State - license granted, etc. etc.

Most folks here do not know Fip Motilall's history. Most would not know that he was a hugely successful businessman in the state of Illinois before his real estate investments in Florida, and subsequently his Amelia Falls hydro project involvement. Hydro gestation is a multi-year (sometimes a decade-long) proposition; and when the global financial crisis hit with a shortage of engineers from the Anglo-Saxon world (due to every one and their mother involved in oil exploration when prices spiked when the recession started) Fip found himself in an unenviable position. Some aspects of early negotiations with The Government of Guyana did not help.

You still wonder why I should keep quiet if I have no connection to Guyana's hydro and petroleum efforts?

Fip Motilall is a DISGRACE and shouls NOT have been given a Contract to built an OUTHOUSE!!!!

Pavi bhai, there is more than meets the eye with the Synergy-Govt of Guyana negotiations. Fip was screwed royally.

As for building an outhouse, he can certainly accommodate you on that....whah happen yuh nah pay yuh sewer bill in Richmond Hill?

You should be ashamed of yourself for calling the embezzlement of funds through dividends paid out with investors money that were designed to fund future drilling. Now that money has to be replenished. No wonder the new company intends to do a clean out of staff and directors. Let me guess: most of them are Guyanese who are being disposed of.

I wouldn't have trusted CGX to dig a hole for a latrine at the bottom of the garden for me, let alone drill for oil.

so . . . WTF are you refuting?

show me where ANYONE is contending that CGX is not a listed company on TSX!!

mr Karimullah . . . your strawman is pitiful, and trotting it out to flog mercilessly everytime someone pokes a hole in the low-information curtain and smoke of the wannabe barons is not fooling anyone

now fool, what is it about "BRUX" that you cannot comprehend? . . . see here:

" . . . CGX said in its statement. According to the oil exploration company, on November 26, 2012, it received a default notice in respect of its shares in the joint account expenses for the Georgetown well in the amount of US$11.5M. On January 24, the company said it was advised by Repsol that the total default amount had increased to US$14.939M. CGX said it did not have enough cash to meet the debt. “The company has negotiated a stay of any enforcement proceedings until March 22, 2013.  The company reports that the current default amount is significantly in excess of its cash on hand and, accordingly, the company currently has insufficient funds to satisfy this obligation and other near term obligations.”

huh??!

That is a BLOODY LIE!

You are either quite ignorant, or believe that you are talking to Nehru, Albert or conscience, or even one of the ABIDHA/Cobra/Baseman/Rev/yugee loudmouth, bigot axis

Confession is good for the soul.

Way to go Nehru!

T....in your unfettered enthusiasm to go off on some mythical connection between CGX and the PPP/C, you have made two mistakes.

 

 

Kari,

How much did Edward B and Doolie et al paid for this lease to date and if not the PPP, with whom did they negotiate to "own" such large potentially rich swaths of the nation territory? Edward B had some loot and Dookie was a church mice so they had no where the viable money stream to fund multi= million dollar exploratory schemes. They had to raise it. If they can do it so can any one.

 

This company ought to be a Guyanese national  project with managers on behalf of the Guyanese state rising the capital. There are limited areas on the planet where such potential lay in shallow waters so any of the big companies could come in and actually pay for leases as they search for oil.

 

Have you seen any data as to how much we are going to get if oil is discovered?

Kari knows better. These are PPP friends holding on to lucrative leases. Note Edward B is on the berbice river bridge among other. I bet many of the same people including that travel and take a toke of coke airlines company jefe will be on the Marriott.

Save this post. If oil is found, we are f.ucked. It is a civil war. We should have taken heed of what happened elsewhere and have in place  a National Oil commission whose members are nominated and elected by parliament for a finite period.

Look to NICIL where the sums are merely a few hundred million US and they openly pillage those assets. Think what will happen when it is billions. With no commission in place, only PPP kith and Kin will see the cash flow.

Don't listen to the naysayers like d2 and the rest of the pack of ppp rejects who now are best friends with the PNC.  First of all none of the big oil companies with deep pockets shell etc expressed any interest in drilling in Guyana. Only the smaller companies took the bait and paid the price of lost investments.  Don't let these detractors make you believe that the PPP chased away the Chevrons and Exxons in favor of CGX. In fact CGX was the only show in town. 

there is no nay saying. It is prudence in established patterns of behavior of a rogue regime.

Shell etc are already holding to leases. The problem here is why did these get leases when they were basically names on paper?

===

Why do you think the big oil companies don't want to go there? 

breathtaking nonsense

Because the likelyhood of oil being found is near nil???? duh

Goads like you finally come to yuh senses: CGX brux: THIS is the battam house 'oil exploration company' the PPP thieves have handed Guyana's oil future to

"Lucknee wallah aka Mitwanda aka kackblocker for the afc"  exxon and the rest of top oil explorers will only invest if the likelyhood of finding oil is high. They have tried and true methodologies in oil exploration. CGX is more of a risk taker with shallow pockets, again fool, they were the only show in town and they paid the price with dry well.

Goads did you drill and find out who your father was?

He was swapped at birth. Who would want to take an ugly baby like him home?

I am finally convinced that we have many more pontificators on this forum than necessary.

A few issues:

Is any of the posters shareholders and if so how many shares?

CGXEF have a long history with Guyana/Suriname. Did anyone forget its legal funding of the territorial dispute?  Getting a payback for investment is "OK". It is still legal in business.

The larger Oil Companies need to have more control in the Government of the day. They are "lurking in the shadows".

Redux, you are singularly and breathtakingly ignorant.

A Kaeituer News reporter gave both excerpts of the actual CGX Press Release and their opinion. You chose to hold on to their opinion, sensationalize it, ignore the analytics of what's in the press release and what is known in the Petroleum exploration industry, and wrote "breathtaking nonsense" to my postings.

Understand the following:

1) Pacific Rubiales is a current shareholder of CGX

2) This is an injection of capital to pay off incurred expense on previous exploratory drilling. It shows CONFIDENCE in CGX. Moreover CGX will remain its own entity.

3) There are excellent reasons for the US Petroleum experts to show optimism for petroleum deposits in the Guyana-Suriname basin

4) Licenses are granted to all-comers, and not to cronies.

By what criteria do  you discriminate who  "pontificators" and valid commentators such as yourself ( I assume you are not in the category of the pontificates!)?

And what in the world does having shares in this company has to do with  its origination, its structure and the amount of remuneration due the Guyanese people? Further, will it be dumped into some black hole a Corrupt brassington like figure will preside over? In short, what are the measures of accountability that we saw was lacking in Nigeria, Equatorial Guinea  etc that has allowed for the pillage of the resource and negligible economic benefit to the society.

I do not care who are shareholders. They would have been the same if captain jack sparrow had the leases.  I care that there is a transparent system in place with finite sums and accounting methodology pre detailed that would protect our asses.

Imaging the PPP building the Marriott for “investors” and we do not know them. Now think of the native people looking for protection of their way of life real and present and there is no money to secure that. But we took 25 million to secure for indeterminate investors to build a hotel. That is the dissonance embedded in the way this government manages our assets and prioritizes needs.  It is deeply inconsistent with what is fair, and what is in the interest of our society.

Also, I bet some of the very leech crew that got these lease are also on that “investment” cartel at the Marriott combined with other favored brethren in perpetual  benefaction of the PPP charity of our states assets ie Jerry the coke king, Bobby the boob.

Kari, I do not think calling the man breadth takingly ignorant and then following up with that absurd explanation of why you insulted him gets you any leverage on the intellect meter. You are to say the least, haplessly banal at the least and grotesquely dissimulative at the worse.  However, I will let him address you.

Hmmm...

i respond [in red above] to your nonsense . . . and recommend a better grade of tap dancing shoes

oh, and BTW, i further suggest you purchase some cleverness, ditch the foolish conflation, and understand that "breathtaking nonsense" specifically references your idiotic babble about jobs, "deep water harbor" and "technology transfer"

Know THIS: Dookie and Suresh "turning the sod" for some building (no more than pretty drawings on sheets of paper) to be donated to IAST [actually a photo op ginned up to distract from bad news on the dry hole last year] does NOT a "technology transfer" make.

and . . . any more said about "hiring" and the laughable "post-Panamax deep water harbor" cheap shills like you would convince Guyanese this BRUX, battam house entity is constructing/has built? will make your embarrassment complete

grotesquely dissimulative..............add this to the GNI Hall of Fame quotes