CGX Trading Halt; Was Up More Than 60%
CGX Trading Inc (OYL.V) announced that trading in the company's shares was halted following the reaction to an announcement by Tullow Oil plc of oil discoveries in their Zaedyus well offshore French Guiana. CGX, which last traded up more than 60% at 79 cents and has hit a day high 89 cents with around 6.3 million shares traded, said it does not have any interest in the Zaedyus well.
Kerry Sully, Chairman of CGX, stated: "CGX is a 25% partner with Tullow, Repsol and YPF in the Georgetown Petroleum Prospecting Licence offshore Guyana in which the partners are preparing to drill a Turonian test in the Jaguar well later this year. Investors are cautioned that Jaguar is located over 500 km from Zaedyus and the risk remains high."
CGX Energy is a Canadian-based oil and gas exploration company focused on the exploration for oil in the Guyana.
Copyright (C) 2016 MTNewswires.com. All rights reserved. Unauthorized reproduction is strictly prohibited.
Latest Markets Videos
- The $12 Trillion "Once-in-a-Lifetime" Market Opportunity Investors Won't Want to Miss
- J.P. Morgan Says These 3 Stocks Could Surge Over 100% From Current Levels
- Forget Tesla's Battery Day, These EV Stories Are More Important
- ChargePoint, Switchback Energy Acquisition Enter Business Combination Agreement