Oil explorer CGX yesterday announced that Dr. Edris K. Dookie is no longer an officer of any subsididary of CGX including the positions of Executive Vice President, CGX Resources Inc., a 100% owned subsidiary of CGX and President, ON Energy Inc., a 62% owned subsidiary of CGX.
Commenting on the change in a statement, Kerry Sully, President and CEO stated, “Dr. Dookie was the co-founder of CGX and has played an instrumental role with the Company since its inception in 1998.
He is a talented individual who we wish the best in his future endeavours.”
The announcement yesterday is the latest in a string of changes at the level of management and directorship of CGX. Dookie last week visited Guyana with a CGX team that included officials from another Canadian explorer Pacific Rubiales Energy Corp which would be the majority shareholder in CGX if a private placement goes through.
Facing a demand from its partners for US$15M, CGX is entering into a private placement to raise CDN$35-40M which could see Pacific Rubiales gaining as much as 70% of the shares in the company.
In the face of several costly failed wells, Canada-based CGX last week frankly admitted in a press release that it was in a dire financial situation and its ability to continue as a going concern is dependent on raising further financing and there “can be no assurances that the company will successfully raise additional funds”.
