JAN-12-2017: EXXON IN FRESH STRIKE OFFSHORE GUYANASo, announcement released today by Exxon & Hass - key takeaways from the below article: https://www.upstreamonline.com/live/1206480/exxonmobil-in-fresh-strikes-off-guyana
- Payara-1 struck more than 29 metres (95ft) of high-quality, oil-bearing sandstone reservoirs.
- On completion of drilling at Payara-1, the drillship will be mobilised to drill the Snoek prospect located about 10 kilometres south of the Liza-1 discovery well (i.e. closer to shore / updip of Liza)
- [An update on Liza-3] appraisal was drilled to test an additional high-quality, deeper reservoir below the existing discovery had uncovered resources of between 100 million and 150 million barrels of oil equivalent.
- While further appraisal is required, we believe that the resources recently discovered are significant and will be accretive to the more than 1 billion boe already confirmed at the Liza discovery.”
Guyana
is the hottest offshore basin in the world right now with CGX positioned dead center in the middle. Offshore Blocks comprising Corentyne, Demerara, and a deepwater port (where the government has greenlighted a facility to build a $500M facility.
Let's see what happens and how the new board plays their cards. Been in the oil & gas industry for a long time and wish for opportunities like these. Would love to be in CGX's shoes right now (or even perhaps Pacific's) negotiating deals - trade balacnes with creditors (who own a significant amount of shares); infrastructure players wanting to get in on building a deepwater port; and E&P companies.
Guess what? The company, CGX, has (or should have) a very good relationship with the government of Guyana. If it weren't for CGX funding the $10M border dispute - much of this oil would have belong to Suriname.
Bankruptcy? Perhaps. Lot's of moving parts, you could say.