Page 14 - LatAmOil Week 44 2021

LatAmOil NEWS IN BRIEF LatAmOil

Round of the National Agency of Petroleum,
INVESTMENT Natural Gas and Biofuels (ANP). The fields are
located in the northern portion of the Santos
CGrowth Capital moves Basin, between 140 and 160 km off the coast of
the state of Rio de Janeiro, in water depths rang-
all-in with Bahamian ing from 1,000 to 1,500 metres. The fields’ pro-
duction, in 2020, was approximately 5,000 bpd
Petroleum Project of oil and 918,000 cubic metres per day of gas.
Petrobras holds a 100% stake in both fields.
CGrowth Capital is pleased to announce that it stated Bill Wright, CEO of CGrowth Capital, Inc. Petrobras, October 27 2021
has executed a Letter of Intent (LoI) with WBS “Countless weeks of wading through opportu-
Organisation, a multi-national business ser- nities has culminated in an extremely unique
vices organisation specialising in funding, col- opportunity with nearly unlimited potential for PERFORMANCE
lateralisation and associated services, to acquire us. The creativity of both CGrowth and the WBS
the rights, title and interest in their Bahamian Organisation has not only opened up a win for CGX Energy announces
Petroleum Project. The Project includes long- this Project, but looking forward, we have an
term leases of land situated within the Bahamas endless number of business opportunities that filing of financial
(in excess of 8,000 acres or 32 square km) at the we can look to in the future. We feel blessed to
target site and necessary one-off project specific be in the right place at the right time in history statements for Q3-2021
Government Permissions. Together, these form – especially as oil prices look to only move up
a unique opportunity in the Bahamas to conduct from here!” CGX Energy announced today the release of its
further advanced exploratory operations leading About CGrowth Capital: CGrowth Cap- unaudited Consolidated Financial Statements
to anticipated drilling and oil extraction. While ital, Inc. The Company continues to serve as for the third quarter of 2021, together with its
recent explorations have now been conducted, an alternative asset management company for Management, Discussion and Analysis-Quar-
advanced studies have not taken place around businesses and assets focused on all aspects of terly Highlights.
the islands for several decades. mining, minerals, exploration, and commercial Third Quarter and Recent Highlights: On
The Project is to be purchased for real estate. The processing of metal ore mining, August 22, 2021, CGX and Frontera Energy,
$15,000,000, utilising the Company’s Series mineral and specialty rock extraction, as well as CGX’s majority shareholder and joint venture
A Preferred Stock. In advance of a closing, the oil and gas production, are multi-billion-dol- partner in the Petroleum Prospecting Licenses
Company will immediately begin processing lar market opportunities which is capitalised for the Corentyne and Demerara blocks off-
and file a Tier 1 Regulation A to raise up to on through processing, sales, contracting and shore Guyana, spud the Kawa-1 exploration
$20,000,000. The funds are to be used to conduct licensing of assets. CGrowth Capital’s services well and exercised its option to drill a second
further seismic research on a 3D basis in the Pro- and solutions are designed to assist land owners well with Maersk Drilling Holdings Singapore
ject zone, quantify oil availability and projected with monetising undervalued assets by bringing through the use of the Maersk Discoverer rig.
reserves, advance drilling and well workovers commodities such as gold, silver, oil and gas, As of November 1, 2021, close to 78% of the
at the Company’s current Wyoming oil and gas and dolomite to market. CGrowth Capital will planned footage has been drilled and the three
property, and set up infrastructure for the fur- focus on acquiring land assets, while also pro- prospective targets of the Kawa-1 well remain
ther extraction of oil, by incorporating potential viding partners and affiliates with management to be drilled, cased and evaluated with current
in the Bahamas. The Company anticipates being services, capital, contract management and expectations on reaching total depth consistent
ready to file its initial Form 1-A within 45-days. logistical services necessary for the successful with the previous public disclosure.
In support of the overall project funding, execution of operations. On October 28, 2021, the Company com-
WBS has leveraged its extensive contacts and CGrowth Capital, November 3 2021 pleted its rights offering. Pursuant to the Offer-
influence in the region to securitise this invest- ing, the Company offered to holders of its
ment with free and clear real estate, to the extent Petrobras announces outstanding common shares of record as at the
necessary. The off-balance sheet pledge of this close of business on October 1, 2021 the ability to
security, which would support large early invest- binding phase for subscribe for, until October 28, 2021, an aggre-
ments, is to be addressed in independent agree- gate of 45,151,338 Common Shares. Each such
ments and are expected to be key components to Santos Basin assets holder of Common Shares was offered rights on
an early adoption and full capital raise. the basis of 0.157 of one Right for each Common
Proton Magnetic Imaging performed in 2018 Petrobras, following up on the release disclosed Share held. Each whole Right entitled the holder
indicated oil reservoir shows under the target on September 8, 2021, has announced the begin- to subscribe for one Common Share upon pay-
area in The Bahamas to be the same as that of ning of the binding phase referring to the sale of ment of the subscription price of CAD1.63.
the Venezuela Orinoco Oil Belt. The USGS 2012 all its stakes in the Uruguá and Tambaú fields, Following the closing of the Offering, CGX
petroleum assessment of the Bahamas Platform in the BS-500 concession, located in the Santos has 334,459,000 Common Shares issued and
estimate total undiscovered resources at the P50 Basin, in the State of Rio de Janeiro. Potential outstanding. The Rights Offering raised gross
level of approximately 1.6bn barrels of oil, 2,000 buyers qualified for this phase will receive a proceeds of approximately CAD73,600,000
bcf of gas and 126mn barrels of natural gas liq- process letter with detailed instructions on the (equivalent to approximately $59,600,000).
uids (NGLs). With successful advancements in divestment process, including guidelines for due Frontera, an insider and the Company’s
exploration, production, and exporting of oil diligence and submission of binding proposals. largest shareholder, acquired an aggregate of
over multiple Caribbean Island the prospect of a About Uruguá and Tambaú fields: The Uru- 45,083,314 Common Shares pursuant to the
successful Bahamian project is exciting. guá and Tambaú fields belong to the BS-500 con- exercise of its Rights and its standby commit-
“It is time to pound our stake in the ground!” cession, which was acquired through the Zero ment under the Offering.

P14 www. NEWSBASE .com Week 44 04•November•2021