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Onshore | Structure |
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CGX
acquired its interest in ON Energy by contributing its Licence rights
to the onshore property. Guyanese investors acquired 38% of ON through an IPO that raised US$545,000 and a subsequent rights offering that raised an additional US$4.2 million through local investment. In addition to the transfer of the onshore block, CGX Energy has invested US$4.6 million. ON Energy is currently evaluating farm-in requests by other operators to drill on its onshore acreage. At some point, we may apply
to list ON shares on the Guyana Stock Exchange. |
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