CGX Energy Inc V.OYL

Alternate Symbol(s): CGXEF

Energy Oil & Gas E&P

CGX Energy Inc. is a Canada-based oil and gas exploration company. The Company is focused on the exploration of oil in the Guyana-Suriname Basin and the development of a deep-water port in the Berbice, Guyana. The Company holds interests in three petrol prospecting licenses, such as Corentyne, Berbice, and Demerara Blocks in the Guyana Basin. The Company has drilled two operated exploration wells on its offshore Corentyne Block and drilled three more exploration wells on its onshore Berbice Block. In addition, it has acquired and processed over 7,000 square kilometers of three-dimensional (3D) seismic data on its offshore licenses. The Company through its wholly owned subsidiary, Grand Canal Industrial Estates Inc. The Company is engaged in the development of the Berbice Deep Water Port in Region 6, Guyana. Its other subsidiaries include CGX Resources Inc., ON Energy Inc., and others.

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Comment by OIL_RUNon Jul 21, 2021 7:51am

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Post# 33580292

RE:Rhbender

The comments are related to Prospect F (Makarapan) on the Demarara license. It's the same content CGX shared during their May 2015 presentation.

Based on the last several financial reports CGX has released (available on SEDAR) - CGX has contracted a third party to reprocess the modern 3D seismic data on Demerara. This will be completed sometime in 1H-21.

After reprocessing has been completed we may see an updated reserve report on Demerara. As mentioned in an earlier post, the content mentioned on CGX's most recent Demerara presentation does not align itself with the most recent reserve report.

More specifically, "seismic data reveals Makarapan is larger than any known discovery in the Guyana-Suriname basin". If that's the case - why does the updated resource report for Demarara less than 1 billion barrels?

We know Liza is a more than 1.15 billion barrel discovery...

GLTA