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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

Comment by SportyJon Jan 02, 2022 12:07pm
278 Views
Post# 34277257

RE:RE:RE:RE:20000 achieved as at Year End

RE:RE:RE:RE:20000 achieved as at Year End Wait for the PR or try and speculate on what's going on. Nothing wrong with either approach. For me, this is not going as planned. Not necessarily a negative but why? I figure 1 of 2 reasons and probably a combo. 1. Drilling challenges; major rig repairs, fluid loss, tripping for bits that weren't designed for the rock they encounter and couldnt drill 100' in 24 hrs, maybe getting stuck and having to chem cut the drill string and then fishing for days, pressure probs, temp probs, maybe rubbing a hole in the casing requiring squeeze jobs and prob 100s of other possible drilling related challenges. No.1 is total speculation and please don't think I'm spreading fuddy duddy. But the fact is they are 50% over AFE and currently 10% over the original drilling time estimate. There are reasons for these overages. Let's move to no. 2. Data Gathering Decisions. Logs, samples, cores, testing etc. My belief is that the drilling of Kawa would be done differently by an independent vs a major. An independent usually has financial constraints and typically wants on and off the hole as quickly as possible. Not to say they don't go for all the "necessary" info they need but not even close to what a major would require. A major on the other hand has teams of folks that want every piece of data and then some. I mean they will go over the top in the info collection dept. especially if it's a first exploration well in a new basin for the major. So imo, the delay is a combo of 1 & 2 and I believe that there are decisions being made on the kawa rig floor by hard hats that have a logo that don't match the logo of cgx/fec. All total speculation and jmo. Happy New Year all!
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