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CGX Energy Inc V.OYL

Alternate Symbol(s):  CGXEF

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.


TSXV:OYL - Post by User

Post by Splinnteron Sep 20, 2021 12:55pm
208 Views
Post# 33886927

Excerpt from Maka discovery in Suriname

Excerpt from Maka discovery in Suriname

The shallower Campanian interval contains 50 m of net oil and gas condensate pay. Preliminary fluid samples and test results indicate light oil and gas condensate with API gravities between 40 and 60 degrees.

 

The deeper Santonian interval contains 73 m of net oil-bearing reservoir. Preliminary fluid samples and tests results indicate API oil gravities between 35 and 45 degrees.

The well also targeted a third interval, the Turonian, a geologic analogue to oil discoveries offshore West Africa. Prior to reaching the interval, the well encountered significantly over-pressured, oil-bearing reservoirs in the lower Santonian, and the decision was made to conclude drilling at 6,300 m. The pressures encountered in the lower Santonian are a positive sign for the Turonian and future drilling will test the interval, Apache said in a press statement.

The formation evaluation program included logging-while-drilling and wireline logs, formation pressures, and preliminary core and fluid analysis and indicates the potential for prolific oil wells, said John Christmann, Apache chief executive officer and president. Additionally, he said, “the size of the stratigraphic feature, as defined by 3-D seismic imaging, suggests a substantial resource.” Further drilling and testing will be carried out to appraise the resources and productivity of the reservoir. Seven distinct play types and more than 50 prospects have been identified, he said.

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