CGX Energy Files Year-End 2025 Audited Consolidated Financial Statements

Core Viewpoint - CGX Energy Inc. has released its audited consolidated financial statements for the year ended December 31, 2025, highlighting significant impairments related to its assets in Guyana, particularly the Berbice River port and the Corentyne license [1][2][5]. Financial Performance - The company recorded a non-cash impairment charge of approximately $17.1 million for its Berbice River port infrastructure assets due to updated assumptions regarding expected utilization levels and development timelines [2]. - A full impairment of the Corentyne exploration and evaluation asset was also recorded, reflecting ongoing uncertainty regarding the status of the license and the company's ability to access the block [5]. Joint Venture and Licensing Issues - CGX Resources Inc., a wholly-owned subsidiary, and Frontera Energy Guyana Corp. are joint venture partners in the Corentyne block, holding a 100% working interest with CGX Resources owning 27.48% and Frontera Guyana 72.52% [3]. - The Government of Guyana has stated that the joint venture's interests expired on June 28, 2024, a position the joint venture disputes, asserting that their interests remain valid and in good standing [4]. Future Outlook - No additional capital investment is planned for the Corentyne block until the licensing issue is resolved, with the outcome remaining uncertain [6]. - The company will continue to provide updates as developments occur regarding the Corentyne license and its discussions with the Government of Guyana [6].