RE: insider buying This insider buying supports some information I heard today from a friend who knows of a high net worth investor that has a substnantial stake in CGX. I have no way of substantating the following in any way, but he told me this individual contacted Sulley today and received the following summary:
1) The entire co. is extremely excited by the results of Jaguar-1 even though they did not hit target depth and pay dirt on the first go round.
2) Repsol, as opertaor of the well, has lots more data in its posession on the light oil discovery in the upper zones but has decided to not realease anything to the market at this time.
3) It was hinted, but not confirmed that CGX will probably look to farm out some of their future royalties from their concessions to pay for Jaguar-2 and ED.
4) The last morsel of information pieced together was related to the "quality of oil" encountered in the upper zones. I am by no means an expert in this field, so I look to knowledgeble posters on this board to help explain this one. Something about the possibility of oil in the basin being of higher quality/value than Saudi Arabia????
Again - all, some or none of the above could be true and I am only passing along what I heard. If I get any more updates, I will be sure to pass along to the board.
Personally, I feel much more comfrtable about the shares I currently own and am seriously considering averaging down some more. I wish I had the cajones to load up this morning at under .20 cents.
Good luck to all longs.