RE:RE:RE:JUNE-28-2021: CANJE LICENSE VALUATIONOn CGX's Demerara license - the reprocessing of the 3D seismic and reinterpretation of new prospects is expected to be completed in May 2021. CGX has contracted WesternGeco to perform this work.
Reprocessing and high grading prospects over the Northern Corentyne area was prioritized first given a tight drilling deadline.
Hence, I believe the resource report over Demerara is dated. You can clearly see the emerging view from CGX and their company presentation regarding their first drill prospect Makarapan "seismic amplitude of prospect is over 30,000 acres in size, it is larger than any single discovery made to date in the Guyana Suriname basin".
Well, we know Liza is larger than 1.25B in recoverable resource. So, Makarapan should be at least equivalent in size.
However, the resource report CGX has for Demerara only shows 415M boe median resource for all prospects on the license. So, these two data points (resource report and company presentation for Demerara) are clearly miles apart. The rationale behind the difference (in my opinion) is the pending reprocessing of 3D seismic over the Demerara license.