THOUGHTS
It's been a while since my last post. Hope everyone has settled in... Below are some general observations and possible speculations:
1. Great to see Tullow back in the Guyana basin! Let's not forget - Tullow is the architect behind the abrupt margin play (lower cretaceous, stratigraphic play) on both sides of the Atlantic - discovered both Jubilee and Zaedyus. It is comforting to see them participating in the Kanuku Block (previously referred to as the Georgetown Block). Recall, Tullow abruptly announced their plans to exit from the Georgetown Block on the basis of focusing on oil plays and not gas plays. Well, here Tullow is now re-engaged in a block they were once downgrading - with a little bit of dramatic 'smoke and mirrors' to say the least.
2. As a follow up to point 1 - not sure if anyone listened to the recent Tullow conference call...but, it would seem that Tullow believes there is potential in the shallow water basins (as mentioned by Angus McCoss). Hence, this may be the reason they Tullow has recently acquired interest with Inpex offshore Suriname and has recently acquired shallow water acreage offshore Mauritania. This certainly bodes well fro CGX and their acreage position.
3. I believe it is positive PRE is continuing to accumulate shares at these price levels. I believe it is possible PRE is in discussions (or contemplating approaching) other major CGX shareholders (such as Sprott) in an attempt trying to privately buy-out their remaining holdings. Let's not forget Sprott already privately sold off a sizable portion of their holding last year to a 'unknown buyer'. Of course, announcing positive news (and subsequently raising CGX's share price) would make it more expensive for PRE...
In short - lot's of 'smoke and mirrors' at this time....