Charlotte did get back to me and was as forthright as she could be.
For all of you frustrated long termers I have pasted the questions and answers.
Unfortunately the answers were about clarification and not revelations!
Answers highlighted in yellow.
As you are probably aware, I have been a shareholder with CGX for over 12 years.
Today CGX has hit a new low there of 13 ½¢. Could you please advise why the share price has dropped so low.
No answer from Charlotte, which is understandable!
With respect to the new Corentyne Petroleum Agreement, could you please explain the difference between that and the old Corentyne?
The original (old) Corentyne agreement had three components to it – Corentyne offshore which expires June 24, 2013, Corentyne onshore (which CGX sold to ON Energy in 2003 and in which CGX has a 62% interest) which also expires June 24, 2013 and Annex offshore which expires September 25, 2013. The new Corentyne agreement which expires November 22, 2022 only comprises the area that was originally the Corentyne offshore in the original Corentyne agreement. The agreement has similar fiscal terms to the original agreement in terms of revenue sharing with the Government of Guyana and there is a two well commitment in the first four years of the license.
With respect to the new Corentyne Petroleum Agreement, could you please explain the difference between that and the old Corentyne Petroleum Prospecting license? (PA vs. PPL)
The Petroleum Agreement (“PA”) outlines the contractual agreement terms – ie revenue sharing, taxation, etc. whereas the Petroleum Prospecting License (“PPL”) outlines the exploration rights area and the terms of the work program.
Could you also advise on the status of your applications for new P A’s on the annex PPL, the on- shore portion of the Corentyne PPL, and the Berbice PPL. In progress.
Which company paid $4 million to get access to the Eagle core sample logs?
The company information is subject to a confidentiality agreement.
Should this not be subject to public knowledge or is it privileged information?
The fact that it occurred is public knowledge – to whom is confidential.
How is the purchasers assessment of those core samples progressing?
This information is also subject to the confidentiality agreement.
I, as one of many long-term shareholders am very concerned with the lack of transparency with respect to the progress or lack of progress being made by CGX.
Announcements will be made when initiatives are finalized.
I strongly advise that you to try to be more transparent with all shareholders by providing status updates as to how proceedings are progressing. We desperately need some form of encouragement!
It isn’t appropriate to issue press releases when information isn’t firm – when initiatives are finalized we’ll be in a position to make announcements.
These are very frustrating circumstances for long-term shareholders and rumors are abound that are having a serious effect on the share price.