CGX Energy INC. a blockbuster stock? Message Board

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Gold/Mining/Energy : CGX Energy INC. a blockbuster stock?

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From: LEEP8888	9/23/2007 7:11:54 AM
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Bloomberg article : "CGX ENERGY HITS-TIME HIGH AFTER UN PANEL DECISION bloomberg.com CGX Energy Hits All-Time High After UN Panel Decision (Update1) By Steven Bodzin Sept. 21 (Bloomberg) -- CGX Energy Inc., whose rented oil rig was kicked out of a Caribbean drilling site by the Suriname navy in 2000, soared to a record after the United Nation's Permanent Court of Arbitration said that Guyana had the right to license the area. The Toronto-based company plans to spend about $15 million on each of two seismic explorations, one of its property and another of a site shared with Repsol YPF, Chief Executive Officer Kerry Sully said in an interview. CGX rose 79 cents, or 51 percent, to $2.34 in trading in Toronto. The advance erased its previous high of $2.04 in 2000 before Suriname acted. The stock fell to 15 cents a share on July 8, 2003. The decision was announced yesterday after market hours. ``There's a lot of pent up emotion,'' Sully said. With the border dispute settled, ``we have a lot of people ready to step up as a shareholder.'' Along with CGX Energy, Repsol YPF and Exxon Mobil Corp. also held licenses in the contested area. ``Exxon Mobil remains interested in crude oil exploration and production opportunities in Guyana as well as resuming exploration activities in the Stabroek block,'' spokesman Len D'Eramo wrote in an e-mail. Repsol planned to invest $65 million seeking oil after the case was decided, according to an Aug. 24 article in Rigzone.com. The company didn't immediately return a call for details. To contact the reporter on this story: Steven Bodzin in Caracas at sbodzin@bloomberg.net . Last Updated: September 21, 2007 16:17 EDT

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