Latest news with #CGX
Globe and Mail
09-05-2025
- Business
- Globe and Mail
Cineplex reports $36.6-million first-quarter loss as theatre attendance fell due to a weaker film slate
Cineplex Inc. CGX-T reported a loss of $36.6-million in its latest quarter as its revenue fell 10 per cent compared with a year ago due to a weaker film slate. The movie theatre company says the loss amounted to 58 cents per diluted share for the quarter ended March 31. The result compared with a profit of $5.2-million or eight cents per share a year ago when it sold its Player One Amusement Group Inc. business. Cineplex says its loss from continuing operations for its latest quarter was 58 cents per diluted share compared with a loss of 99 cents per diluted share in the first quarter of 2024. Revenue for the quarter totalled $264.3-million, down from $294.8-million a year ago. Theatre attendance amounted to 8.4 million, down from 9.8 million in the same quarter last year.
Globe and Mail
09-05-2025
- Business
- Globe and Mail
Small caps to watch: Cineplex in spotlight as revenues slide
A weekly look at some small-cap stocks making news - or about to. As of market close on Thursday, May 8, Canada's S&P/TSX SmallCap Index was up by about 8 per cent over the past 12 months, not including dividends. The Russell 2000 in the U.S. was down about one per cent over the same period. Cineplex Inc. (CGX-T) could be under pressure today after the movie theatre company reported a drop in theatre attendance and revenue for its first quarter ended March 31. Before markets opened on Friday, Cineplex reported sales of $264.3-million for the quarter, down 10 per cent from $294.8-million a year ago. The result was below expectations of $271-million. Cineplex said first-quarter box office revenues were $101.9-million, a decrease of 18.5 per cent from $125.1-million a year ago, due to a weaker film slate compared to the prior year, resulting in a 14.5-per-cent decrease in theatre attendance. 'While the first quarter landed softer than expected due to March performance, the success of A Minecraft Movie at the start of the second quarter, paired with the optimism following CinemaCon, has energized the exhibition industry," CEO Ellis Jacob said in a release. Its net loss from continuing operations was $36.6-million or 58 cents per share compared to a loss of $63-million or 99 cents a year earlier. In the past 52 weeks, the stock has traded between a high of $13.08 and a low of $7.10. More to come ... Other small caps making news this week: NFI Group Inc. (NFI-T) reported higher sales for the first quarter that beat expectations. After markets closed on Thursday, the Winnipeg-based bus maker reported revenue of $841.4 million, an increase of 16.4 per cent from $723-million for the same quarter last year. The result surpassed expectations of $802.5-million, according to S&P Capital IQ. Its net loss was $6.5-million or 5 cents per share compared to a loss of $9-million or 8 cents a year ago. Adjusted net earnings of $2.9-million or 2 cents per share compared to an adjusted net loss of $15.6-million or 13 cents a year ago. The expectation was for adjusted earnings of 3 cents in the latest quarter. In the past 52 weeks, the stock has traded between a high of $19.55 and a low of $9.83. ** Interfor Corp. (IFP-T) reported lower sales for its first quarter that were below expectations. After markets closed on Thursday, the company reported sales of $735.5-million, down from $813.2-million a year earlier. The result was below expectations of $744.7-million, according to S&P Capital IQ. Its net loss was $35.1-million or 68 cents per share, compared to a loss of $72.9-million or $1.42 per share a year earlier. The expectation was for a loss of 28 cents per share. In the past 52 weeks, the stock has traded between a high of $21.44 and a low of $12.84. ** Maple Leaf Foods Inc. (MFI-I) reported higher sales and adjusted profit for the first quarter. Before markets opened on Thursday, the company reported sales of $1.24-billion, up from $1.15-billion a year ago. The expectation was for sales of $1.19-billion, according to S&P Capital IQ. Earnings for the first quarter of 2025 were $49.6-million or 40 cents per share, down from $52-million or 42 cents last year. Adjusted earnings came in at $95.7-million or 43 cents per share compared to $53-million or 4 cents last year. The earnings per share were above expectations of 27 cents. In its outlook, the company said it expects revenue growth in the mid-single-digit range for 2025. Canaccord Genuity analyst Vishal Shreedhar maintained his 'outperform' (similar to buy) rating and increased his price target to $30 from $28 after the earnings were released. 'Our upside/downside review suggests opportunity, although we recognize that MFI's restructuring/track record underscore uncertainty (notwithstanding recent improvements),' he wrote in a note. In the past 52 weeks, the stock has traded between a high of $26.10 and a low of $19.61. ** MDA Space Ltd. (MDA-T) reported a 68-per-cent rise in revenue for its first quarter and higher adjusted net income. Before markets opened on Thursday, the company reported revenues of $351-million, up from $209.1-million last year. The result was above expectations of $325.7-million, according to S&P Capital IQ. Adjusted net income of $37.2-million or 29 cents per share compared to $18.3-million or 15 cents a year ago. Adjusted EBITDA of $68.6-million was ahead of expectations of $62.4-million and compared to $42-million a year ago. In the past 52 weeks, the stock has traded between a high of $30 and a low of $11.44. The stock got walloped last week after the White House released a proposed 2026 budget that slashes US$6-billion for space programs. ** Canfor Corp. (CFP-T) reported higher sales that beat expectations and trimmed its loss in its first quarter. Before markets opened on Thursday, the company reported sales of $1.42-billion up from $1.38-billion a year earlier. The expectation was for sales of $1.28-billion, according to S&P Capital IQ. Its net loss was $31-million or 26 cents per share compared to a loss of $64.5-million or 54 cents last year. On an adjusted basis, the loss was $38.1-million or 32 cents versus $52.1-million or 44 cents a year ago. The expectation was for adjusted earnings per share to come in at 33 cents. 'While improved North American lumber benchmark prices provided some relief this quarter, rising global economic and trade uncertainty, in addition to the already punitive U.S. softwood lumber duties, create a challenging backdrop and a period of significant uncertainty for our lumber business,' CEO Susan Yurkovich stated in a release. 'Through our diversified operating platform in Canada, the U.S. South and Europe, we are positioned to mitigate these challenges, while remaining focused on what we can control, including operating safely and efficiently, working with our customers, and continuing to be flexible and responsive.' In the past 52 weeks, the stock has traded between a high of $18.38 and a low of $12.60. ** Canfor Pulp Products Inc. (CFX-T) reported lower sales and swung to a profit in its first quarter. Before markets opened on Thursday, the company reported sales of $196.2-million, down from $222.3-million a year ago. The expectation was for revenue of $186-million, according to S&P Capital IQ. Its net income was $6-million or 9 cents, up from a loss of $2.4-million or 4 cents a year ago. The expectation was for earnings to be 10 cents per share. 'Market fundamentals saw modest improvement early in the quarter; however, this momentum weakened later in the period with rising global economic and trade uncertainty,' the company stated. In the past 52 weeks, the stock has traded between a high of $1.67 and a low of 63 cents. ** Linamar Corp. (LNR-T) reported lower sales but higher adjusted profit and earnings per share for its first quarter compared to the same period last year. It also increased its quarterly dividend. After markets closed on Wednesday, the auto parts company reported sales of $2.53-billion, down from $2.72-billion a year ago. The expectation was for revenue of $2.58-billion. Net earnings of $177.7-million or $2.94 per share compared to $178.5-million or $2.90 a year ago. Adjusted earnings of $167.2-milion of $2.76 cents compared to $159.5-million or $2.59 per share. The result was ahead of expectations of $2.44 per share. The company said its products comply with the Canada-United States-Mexico Agreement, so there were 'no material impacts' from tariffs. '2025 has certainly started off with its fair share of challenges but the Linamar team has stepped up and again delivered solid results, growing earnings on strong operational efficiencies and growing market share,' executive chair Linda Hasenfratz said in a release. 'We are managing a tricky tariff minefield carefully, seeing minimal negative impact to date and in fact finding real-time opportunities. We will continue to work to mitigate risks and find ways to grow in this challenging timeframe.' The company increased its quarterly dividend to 29 cents per share, up from 25 cents per share. In the past 52 weeks, the stock has traded between a high of $73.84 and a low of $43.84. ** Western Forest Products Inc. (WEF-T) reported higher first-quarter revenue that was ahead of expectations. After markets closed on Tuesday, the company reported revenue of $262.5-million, up from $239.5-million a year earlier. The result was below expectations of $271.5-million, according to S&P Capital IQ. Net income was $13.8-million or 4 cents per share compared to a net loss of $8-million or 2 cents in the first quarter of 2024. Adjusted EBITDA was $3.5-million compared to negative $4.2-million in the first quarter of 2024. The result was below expectations of $5.6-million. In its outlook, the company said North American markets are expected to be volatile 'due to concerns around the economic impact caused by potential further US tariffs and retaliatory tariffs.' It said the spring building season, which typically leads to gains in softwood lumber demand, 'could be more muted than previous expectations given the uncertain economic environment.' The company said spring housing demand is stronger than expected in Japan and channel inventories have declined. 'However, an overall cautious approach continues as housing starts are expected to decline later in the year,' it stated. It also said demand for its industrial lumber products in North America is expected to strengthen due to a tight supply. 'In China, significant U.S. tariffs on Chinese exports [have] caused some concerns within the economy. However, this may be partially offset by a Chinese ban on imported US logs that will reduce overall supply of softwood lumber into the market, which may lead to an increase in demand for Canadian lumber,' it stated. In the past 52 weeks, the stock has traded between a high of 58 cents and a low of 36 cents. ** Savaria Corp. (SIS-T) reported higher profit and revenue for its first quarter. After markets closed on Wednesday, the company reported revenue of $220.2-million, up 5.2 per cent compared to $209.4-million for the same time last year. The result was ahead of expectations of $221.7-million, according to S&P Capital IQ. The company said the boost was mainly due to a positive foreign exchange impact of 3.3 per cent, and organic growth of 0.8 per cent. Net earnings were $12.5-million or 17 cents per share, which was in line with expectations and compared to $11.6-million or 16 cents per share last year. Adjusted EBITDA was $40.6-million, up 17.2 per cent from $34.7-million a year ago. On Thursday, the company announced the acquisition of Western Elevator Ltd., a home elevator and lift dealer based in Coquitlam, B.C. It said Western generated approximately $7.5-million in revenue in 2024 and has been a 'long-time, top-tier Savaria dealer.' The price of the acquisition wasn't disclosed in the release. In the past 52 weeks, the stock has traded between a high of $23.92 and a low of $14.97. ** Premium Brands Holdings Corp. (PBH-T) shares jumped earlier this week after the company reported a 15-per-cent jump in first-quarter earnings that also beat expectations. Before markets opened on Wednesday, the company reported revenue of $1.68-billion, up from $1.46-billion a year ago. The results were ahead of expectations of $1.59-billion, according to S&P Capital IQ. Earnings of $2.6-million or 6 cents per share were down from $6.3-million or 14 cents. On an adjusted basis, earnings came in at $30.5-million or 68 cents per share versus $24-million or 54 cents last year. The result was above expectations of 67 cents. CIBC analyst Ty Collin, who has an 'outperformer' on the stock, increased his target to $98 from $95 after the earnings report. 'PBH's Q1 earnings beat reflected momentum on organic growth initiatives and supportive market dynamics. The business has shown early signs of execution on its U.S. sales pipeline, and we are increasingly confident that it will meet its outlook this year,' he wrote in a note. Ventum Capital Markets analyst Devin Schilling said the results were ahead of expectations, 'and we view PBH at an inflection point with most major production capacity projects now complete and sales set to ramp over the coming quarters.' Mr. Schilling also reiterated his 'buy' rating and $120 target price. 'We view PBH as a best-in-class opportunity for generating long-term shareholder value with the company's record pace of investment into the U.S. market setting the stage for accelerating organic growth and margin expansion in 2025 and beyond,' he wrote. In the past 52 weeks, the stock has traded between a high of $97.10 and a low of $72.57. ** Sienna Senior Living Inc. (SIA-T) reported higher revenue for its first quarter and an 'optimistic outlook' based on rising demand from an aging population. After markets closed on Tuesday, the company reported revenue of $241.8-million, up from $215.7-million a year ago. Net income of $15.8-million or 18 cents per share was down from $19.7-million or 27 cents a year earlier. 'Sienna continues its strong growth momentum, with our key performance indicators continuing to move in a positive direction,' CEO Nitin Jain stated in a release. 'We are confident to sustain this ongoing trend well into the future. Rising demand from an aging population coupled with constrained supply, the continued strength of our operations, and our ability to execute on acquisitions and development projects are all contributing to our optimistic outlook. During a time of broader economic uncertainty, the Canadian senior living sector continues to demonstrate stability, resilience and opportunity for growth.' National Bank Financial analyst Giuliano Thornhill increased his target to $20 from $19.25 and reiterated his 'outperform' rating. CIBC analyst Dean Wilkinson kept his 'neutral' (similar to hold) rating and increased his target to $19 from $18 after the earnings report. 'SIA continues to demonstrate impressive results in both its long-term care and retirement segments as well as improving occupancy levels from pandemic lows,' he wrote. In the past 52 weeks, the stock has traded between a high of $17.65 and a low of $13.89. ** Extendicare Inc. (EXE-T) reported higher revenue and profit for its first quarter. After markets closed on Tuesday, the company said its revenue came in at $374.7-million, up from $367.1-million a year ago. The result was ahead of expectations of $365.6-million. Net earnings were $15-million or 18 cents per share versus $13.1-million or 15 cents a year ago. Canaccord Genuity analyst Tania Armstrong-Whitworth reiterated her 'buy' recommendation and increased her target to $15.50 from $14. In the past 52 weeks, the stock has traded between a high of $15.24 and a low of $7.10. ** Kits Eyecare Ltd. (KITS-T) reported a 34-per-cent revenue increase for its first quarter and higher profit. After markets closed on Tuesday, the Vancouver-based company reported record quarterly revenue of $46.6-million compared to $34.8-million a year ago. The result was slightly below expectations of $47.1-million, according to S&P Capital IQ. Adjusted EBITDA improved by $2.9-million to $3.5-million compared to $0.6 million a year ago. Net income was $1.6-million or 5 cents per share, which was in line with expectations and compared to net income of $64,000 or nil per share a year ago. Haywood Securities analyst Gianluca Tucci reiterated his 'buy' recommendation and $13 target after the earnings. He said organic growth 'continues to impress' at 34 per cent, noting its the third consecutive quarter of 30-per-cent-plus. 'We continue to look for operating margin expansion [year over year],' he wrote, adding the company 'hinted at some AI tools ('Optician AI') which it will unveil and introduce in due course, adding to the customer experience of shopping for eyecare online." Canaccord Genuity analyst Luke Hanan stuck to his 'buy' recommendation and increased his target to $18 from $14.50. 'In our view, KITS continues to stand out as one of our best ideas for the year, ' the analyst said in a note. 'The company's consistent execution, low-cost operating footprint with room to scale, and marketing spend efficiency have allowed it to generate robust [year-over-year] revenue growth (about 32 per cent on average over last five quarters), indicating the momentum has continued thus far into [the second quarter of 2025].' In the past 52 weeks, the stock has traded between a high of $12.50 and a low of $5.66. ** Chorus Aviation Inc. (CHR-T) reported higher profit but lower revenue for its first quarter. After markets closed on Tuesday, the Halifax-based company reported revenue of $348.1-million, down from $358.6-million a year ago. The result was below expectations of $354.8-million, according to S&P Capital IQ. Net income from continuing operations came in at $18.9-million compared to $5.4-million for the first quarter 2024. Adjusted earnings of $15.4-million or 57 cents per share compared to $3.7-million or 13 cents a year ago and was ahead of expectations of 54 cents. Adjusted EBITDA of $56.9-million compared to $54-million last year and ahead of expectations of $50.6-million. In the past 52 weeks, the stock has traded between a high of $24.08 and a low of $14.63. ** Pet Valu Holdings Ltd. (PET-T) shares rose this week after the pet retailer reported first-quarter earnings that were ahead of expectations. Before markets opened on Tuesday, the company reported revenue of $279.1-million, up from $260.8-million a year ago. The results were ahead of expectations of $275-million, according to S&P Capital IQ. The company says same-store sales growth for the quarter was 1.4 per cent. Earnings were $21.8-million or 31 cents per share for the 13-week period ended March 29, up from a profit of $17.5-million or 24 cents per share a year earlier. On an adjusted basis, Pet Valu says it earned 36 cents per diluted share in its latest quarter, up from an adjusted profit of 35 cents per diluted share in the same quarter last year. The EPS beat expectations of 34 cents. In its outlook for 2025, Pet Valu says it expects revenue between $1.17-billion and $1.2-billion for its full year. Adjusted net income per diluted share for the year is expected to be between $1.60 and $1.66. 'Q1 showed progress on all key metrics and increases our confidence in PET achieving the mid-point of its full-year guidance,' CIBC analyst Mark Petrie, who has an 'outperformer' (similar to buy) and $33 price target, said in a note. 'Although macro conditions remain uncertain, we believe PET is executing on key strategies that will support a return to more substantial earnings growth by Q4 and into 2026. National Bank Financial analyst Vishal Shreedhar increased his target on the stock to $33 from $30 after the earnings report and kept his 'outperform' (similar to buy) rating. 'We hold a positive view on Pet Valu, reflecting its strong business positioning, attractive industry characteristics and high returns on capital,' he wrote in a note, adding he anticipates solid growth in revenue, EBITDA and free cash flow. 'We believe that PET's shares can continue to gain traction as it demonstrates consistent execution against its promise of steady sales and profit growth.' In the past 52 weeks, the stock has traded between a high of $31.15 and a low of $22.53. ** Wajax Corp. (WJX-T) shares rose this week after the industrial products company reported first-quarter results that beat expectations. After markets closed on Monday, the company reported revenue of $555-million, up 15 per cent compared to $482.3-million a year ago, driven by higher construction and forestry equipment sales. The expectation was for revenue of $498.8-million, according to S&P Capital IQ. Net income was $13.1-million or 60 cents per share, down from $14.7-million or 68 cents a year ago. Adjusted earnings were $14.9-million or 69 cents, up from $12.8-million or 59 cents a year ago. The expectation was for adjusted earnings of 42 cents. In the past 52 weeks, the stock has traded between a high of $27.49 and a low of $15.55. ** Centerra Gold Inc. (CG-T) reported lower profit and revenue for its first quarter. Before markets opened on Tuesday, the company behind the Mount Milligan Mine in B.C. and the Öksüt Mine in Turkey, reported net earnings of US$30.5-million or 15 cents US per share, down from US$66.4-million or 31 cents a year ago. Adjusted net earnings came in at US$26.4-million or 13 cents US per share, down from US$31.3-million or 15 cents US per share. The result was in line with expectations, according to S&P Capital IQ. Revenue of US$299.5-million was down slightly from US$305.8-million last year but ahead of expectations of US$283-million. The company said U.S. tariffs have had no impact on its operations in the first quarter of 2025. National Bank Financial analyst Don DeMarco maintained his 'outperform' (similar to buy) rating and $13.50 target, citing in part the company's 'strong balance sheet vs. intermediate peers.' In the past 52 weeks, the stock has traded between a high of $10.58 and a low of $7.72 on the Toronto Stock Exchange. ** Ballard Power Systems (BLDP-T) reported higher revenue and reduced its losses for its first quarter. Before markets opened on Tuesday, the company reported revenue of US$15.4-million, which it said was up 6 per cent 'primarily driven by bus market strength' with engine shipments up 31 per cent. The result was below expectations of US$16.7-million, according to S&P Capital IQ. Its net loss was US$21-million or 7 cents US per share, an improvement from a loss of US$41.1-million or 14 cents US a year ago. The expectation was for a loss of 10 cents. National Bank Financial analyst Rupert Merer maintained his 'sector perform' (similar to hold) rating and $2 price target after the earnings report. In a note, he said the company's previously announced cost-cutting measures are on track. 'With guidance for operating expenses of US$100 to US$120-million for 2025E, it could exceed its initial target,' he wrote. 'It has delayed some R&D investments, but maintains a focus on its core MEA [membrane electrode assembly ] technology and cost reduction targets.' In the past 52 weeks, the stock has traded between a high of $4.54 and a low of $1.44. ** Ag Growth International Inc. (AFN-T) shares rose this week after the Calgary-based company reported first-quarter revenue and adjusted EBITDA that were ahead of expectations. 'Our first quarter results came in slightly above expectations on the strength of our International business,' CEO Paul Householder stated in a release. After markets closed on Monday, the company said its revenue came in at $287-million, which was down 9 per cent year-over-year. The expectation was for revenue of $253-million, according to S&P Capital IQ. The company reported a loss of $16.8-million or 90 cents per share compared to a profit of $1.9-million or 10 cents. On an adjusted basis, the loss was $4.8-million or 26 cents per share versus a profit of $7.6-million or 39 cents last year. The expectation was for an adjusted loss of 17 cents. Adjusted EBITDA of $31-million was above the company's guidance of between $25-million to $30-million and ahead of expectations of $28-million. The company said current tariff policies exempt USMCA-compliant products, which includes its Canadian-made equipment, 'though some products are subject to tariffs on Canadian-made steel derivatives,' it stated. 'ased on current policies and regulations, we estimate a relatively minor direct cost impact to AGI in 2025, and it has been factored into our outlook.' CIBC analyst Krista Friesen lowered her target to $49 from $52 after the earnings and has an 'outperformer' (similar to buy) rating. 'Despite there still being a heightened level of uncertainty and a lack of visibility, particularly in North America, we thought AFN's Q1 results were solid and are encouraged that the company maintained its guidance for the year. As we look out at the remainder of 2025, we are cautiously optimistic that there will be more tangible signs of an improvement in North America,' she wrote in a note. Ms. Friesen said she tweaked her estimates, lowering estimated 2025 EBITDA to $230-million from $234-million and 2026 estimated EBITDA to $260-million from $271-million based on the first-quarter results and management commentary. National Bank Financial analyst Maxim Sytchev stuck with his 'outperformer' rating and raised his target to $51 from $49. The average is $47.63. In the past 52 weeks, the stock has traded between a high of $58.14 and a low of $30.81. ** The Keg Royalties Income Fund KEG-UN-T announced on Monday that it has signed a letter of intent to be acquired by Fairfax Financial Holdings Ltd. FFH-T, its largest unitholder. The proposal for $18.60 per unit in cash values the steak house fund at about $211-million. Fairfax holds just over a 50 per cent stake in the fund, according to data provided by LSEG Data & Analytics. The fund said its largest unitholder other than Fairfax, which holds a 14.6 per cent stake on an undiluted basis, has agreed to support the proposed transaction, subject to certain customary conditions. The fund noted that the letter of intent is not a definitive agreement, which remains subject to, among other things, a formal valuation and fairness opinion, various regulatory, court and stock exchange approvals, and approval at a special meeting of the unitholders. ** May 12: K92 Mining Inc. (KNT-T), Hudbay Minerals Inc. (HBM-T), Ensign Energy Services Inc. (ESI-T), DRI Healthcare Trust (DHT-UN-T), Dorel Industries Inc. (DII-B-T) May 13: Grown Rogue International Inc. (GRIN-CN), Wesdome Gold Mines Ltd. (WDO-T), Westport Fuel Systems Inc. (WPRT-T), Dye & Durham Ltd. (DND-T), Aimia Inc. (AIM-T) May 14: Automotive Properties Real Estate Investment Trust (APR-UN-T), KP Tissue Inc. (KPT-T), Boralex Inc. (BLX-T), AutoCanada Inc. (ACQ-T), H&R Real Estate Investment Trust (HR-UN-T), North American Construction Group Ltd. (NOA-T), Bird Construction Inc. (BDT-T), Boralex Inc. (BLX-T), K-Bro Linen Inc. (KBL-T), High Liner Foods Incorporated (HLF-T), Calian Group Ltd. (CGY-T), Wildbrain Ltd. (WILD-T), American Hotel Income Properties REIT LP (HOT-UN-T) May 15: Corby Spirit and Wine Limited (CSW-A-T), Intermap Technologies (IMP-T), InterRent Real Estate Investment Trust (IIP-UN-T), Quarterhill Inc. (QTRH-T) May 21: Velan Inc. (VLN-T) May 22: Lightspeed Commerce Inc. (LSPD-T), Silvercorp Inc. (SVM-T) May 28: EQB Inc. (EQB-T) May 30: Laurentian Bank (LB-T) June 10: Stingray Group Inc. (RAY-A-B)
Yahoo
10-03-2025
- Business
- Yahoo
CGX Energy Files Year-End 2024 Audited Consolidated Financial Statements
Toronto, Ontario--(Newsfile Corp. - March 10, 2025) - CGX Energy Inc. (TSXV: OYL) ("CGX" or the "Company") announced today the release of its audited consolidated financial statements for the year ended December 31, 2024, together with its Management Discussion and Analysis (the "Financial Disclosures"). The Financial Disclosures will be posted on the Company's website at and on SEDAR+ at All values in the Financial Disclosures are in United States dollars unless otherwise stated. About CGX CGX is a Canadian-based oil and gas exploration company focused on the exploration of oil in the Guyana-Suriname Basin and the development of a deep-water port in Berbice, Guyana. NEITHER THE TSX VENTURE EXCHANGE NOR ITS REGULATION SERVICES PROVIDER (AS THAT TERM IS DEFINED IN THE POLICIES OF THE TSX VENTURE EXCHANGE) ACCEPTS RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THIS RELEASE. Cautionary and Forward-Looking Statements: This press release contains forward‐looking information within the meaning of Canadian securities laws. Forward‐looking information relates to activities, events or developments that CGX believes, expects or anticipates will or may occur in the future. Forward‐looking information in this press release includes, without limitation, statements relating to the posting of the Financial Disclosures. All information other than historical fact is forward‐looking information. Forward‐looking information reflects the current expectations, assumptions and beliefs of CGX based on information currently available to it and considers the experience of CGX and its perception of historical trends. Although CGX believes that the assumptions inherent in the forward‐looking information are reasonable, forward‐looking information is not a guarantee of future performance and accordingly undue reliance should not be placed on such information. Forward‐looking information is subject to a number of risks and uncertainties, some that are similar to other oil and gas companies and some that are unique to CGX. No assurance can be given that such an agreement will be reached. The actual results of the Company may differ materially from those expressed or implied by the forward‐looking information, and even if such actual results are realized or substantially realized, there can be no assurance that they will have the expected consequences to, or effects on CGX. CGX's management's discussion and analysis for the year ended December 31, 2024, and other documents CGX files from time to time with securities regulatory authorities describe the risks, uncertainties, material assumptions and other factors that could influence actual results and such factors are incorporated herein by reference. Copies of these documents are available without charge by referring to CGX's profile on SEDAR+ at All forward‐looking information speaks only as of the date on which it is made and, except as may be required by applicable securities laws, CGX disclaims any intent or obligation to update any forward‐looking information, whether as a result of new information, future events or results or otherwise. For further information: Please contact Todd Durkee, Vice President, Development, CGX, (281) 747-9980, To view the source version of this press release, please visit
Associated Press
25-02-2025
- Business
- Associated Press
CGX Energy Provides Update on Corentyne Block License
Joint Venture has Responded to Communication from the Government of Guyana Regarding the Joint Venture's License Toronto, Ontario--(Newsfile Corp. - February 24, 2025) - CGX Energy Inc. (TSXV: OYL) ('CGX') announced today that it and Frontera Energy Corporation (TSX: FEC) ('Frontera'), joint venture partners (the 'Joint Venture') in the Petroleum Prospecting License for the Corentyne block offshore Guyana (the 'License'), have provided a response (the 'Response Letter') to the recent letter received from the Government of Guyana (the 'Government'), as described further in the joint press release dated February 10, 2024 (the 'Letter'). Pursuant to the Response Letter, the Joint Venture has advised the Government that, among other things, despite the Government's contradictory positions, the License and the Joint Venture's Petroleum Agreement with the Government in respect of the Corentyne block (as amended, the 'Petroleum Agreement') remain valid and in force. Additionally, in the Response Letter, the Joint Venture has contested the Government's purported termination of the License, including the grounds for such termination, as further described in the Letter. The Joint Venture remains firmly of the view that its interests in, and the License for, the Corentyne block remain in place and in good standing and the Petroleum Agreement has not been terminated. Notwithstanding the foregoing, the Joint Venture continues to assess all legal options available to it to assert its rights in respect of the License and the Petroleum Agreement. The Joint Venture looks forward to expeditiously resolving this matter and continuing its multi-year efforts and investments to realize value for the people of Guyana and its shareholders from the Corentyne block. About CGX CGX is a Canadian-based oil and gas exploration company focused on the exploration of oil in the Guyana-Suriname Basin and the development of a deep-water port in Berbice, Guyana. NEITHER TSX VENTURE EXCHANGE NOR ITS REGULATION SERVICES PROVIDER (AS THAT TERM IS DEFINED IN POLICIES OF THE TSX VENTURE EXCHANGE) ACCEPTS RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THIS RELEASE. Cautionary Note Concerning Forward-Looking Statements: This press release contains forward-looking information within the meaning of Canadian securities laws. Forward-looking information relates to activities, events or developments that CGX believes, expects or anticipates will or may occur in the future. Forward-looking information in this press release includes, without limitation, statements relating to the Joint Venture's continuing efforts and investments in the Corentyne block and the significant prospective resources discovered therein. All information other than historical fact is forward-looking information. Forward-looking information reflects the current expectations, assumptions and beliefs of CGX based on information currently available to it and considers the experience of CGX and its perception of historical trends. Although CGX believes that the assumptions inherent in the forward-looking information are reasonable, forward-looking information is not a guarantee of future performance and accordingly undue reliance should not be placed on such information. Forward-looking information is subject to a number of risks and uncertainties, some that are similar to other oil and gas companies and some that are unique to CGX and the Joint Venture, including the ability of the Joint Venture to reach an agreement with the Government of Guyana. No assurance can be given that such an agreement will be reached. The actual results of the Joint Venture may differ materially from those expressed or implied by the forward-looking information, and even if such actual results are realized or substantially realized, there can be no assurance that they will have the expected consequences to, or effects on CGX. CGX's management's discussion and analysis for the year ended December 31, 2023, and quarter ended September 30, 2024, and other documents CGX files from time to time with securities regulatory authorities describe the risks, uncertainties, material assumptions and other factors that could influence actual results and such factors are incorporated herein by reference. Copies of these documents are available without charge by referring to CGX's profile on SEDAR+ at All forward-looking information speaks only as of the date on which it is made and, except as may be required by applicable securities laws, CGX disclaims any intent or obligation to update any forward-looking information, whether as a result of new information, future events or results or otherwise.
Reuters
20-02-2025
- Business
- Reuters
Guyana to soon sign oil agreement with TotalEnergies-led group
GEORGETOWN, Feb 20 (Reuters) - Guyana expects to soon sign an oil production-sharing agreement with a consortium led by France's TotalEnergies ( opens new tab that will allow it to explore an offshore area, Energy Minister Vickram Bharrat told Reuters. Guyana is the world's fastest-growing oil-producing country and is on course to reach capacity of 940,000 barrels per day this year - nearly 1% of global supply - up from an output of 616,000 bpd last year. A consortium led by U.S. major Exxon Mobil (XOM.N), opens new tab produces all Guyana's oil. The government, which has sought to diversify the sector, awarded TotalEnergies's consortium the block in an auction in 2023. As well as the agreement with TotalEnergies, at least three other contracts for exploration blocks awarded in that auction should be signed this year, Bharrat said in an interview with Reuters on the sidelines of an industry conference in the capital Georgetown on Wednesday. Guyana is also exploring options to reoffer an offshore block where a consortium by Toronto-listed Frontera Energy ( opens new tab and CGX Energy (OYL.V), opens new tab made oil discoveries, Bharrat said. The Corentyne block was seen as the likely next area for development after Exxon's success at the Stabroek block, where more than 11 billion barrels of recoverable oil and gas resources have been found. Frontera and CGX's license on Corentyne has expired, according to the government, which did not approve the consortium's application to extend the license last year. Earlier this month, the consortium said the government notified them of the license cancellation. The firms have sent a letter disputing the cancellation to the government, Bharrat said, which means the case could go to court. "We have been very lenient with CGX, very helpful to them like we are with any company investing in Guyana, but there's a limit too," Bharrat said. "There's only so much we can bend... without breaking our laws. And there was no legal ground for me to extend (the license)," he added. Frontera and CGX discovered light oil and condensate in Corentyne in 2022 and 2023, but failed to complete an appraisal of the block in 2024. In 2023, Frontera said the company was looking for investors to help finance development of the project. The company has yet to disclose any partners. "It's both a capacity and a financial problem," the minister said when asked about the consortium's struggles to complete the mandatory exploration program. Delays in the delivery of drilling equipment contributed, he added. Frontera and CGX did not immediately reply to a request for comment. The government could open a bidding round to reoffer the block or negotiate directly with interested parties, Bharrat said. "Once it's completely cleared, I think there will be a lot of companies interested in it," he said. Corentyne could still be developed fairly soon, he said, but the Exxon group would continue to dominate Guyana's oil industry in the coming years. CONTRACTS TO COME The government and the Exxon consortium have yet to agree terms for exploring another area the group won in the 2023 auction, he added. The consortium and the government recently reached an agreement on a portion of Stabroek to be returned to the government this year, Bharrat said. The areas are scattered across the block, however, so they might need to be delimited again to be reoffered in the future, he added. The government is forecasting average oil output of 675,000 bpd this year versus 616,000 bpd in 2024. Guyana expects to receive one or two cargoes this year as a share of oil produced at Exxon's fourth floating output facility, which is expected to begin production in the third quarter, the minister said. Guyana last year became Latin America's fifth largest crude exporter after Brazil, Mexico, Venezuela and Colombia. here.
