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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 OIL_RUNon Mar 03, 2022 3:59pm
360 Views
Post# 34480620

RE:RE:CGX / FRONTERA UPDATE

RE:RE:CGX / FRONTERA UPDATE

Yes, we still have data gaps on Kawa.


Inability to obtain MDT / side wall core samples in a frontier exploration well happens more then one would expect. It's not the end of the world - though, is a setback.


They can analyze cutting samples (along with other data points) to get a very good idea at what they encountered.


You also have to recalibrate seismic data - don't just come out with parts of the data. You need to paint the complete picture.


So, we encountered 30ft in an "unexpected" conician reservoir. What is the arial extent of the reservoir? If drilled in it's prime location, is the reservoir expected to thicken? What's the size of the conician at Kawa?


Based on what we encountered at Kawa, what specific reservoirs (stratas) would be candidates for appraisal?


Frontera / CGX / De Alba have more information then we do. Looking at what they are doing:

1. Prioritizing drilling of their second prospect (Wei) on northern Corentyne based on what they found at Kawa.

2. they are willing to drill Wei on their own (should they don't get an acceptable JV offer)

3. Frontera looking to allocate 42% of their overall 2022 drilling budget in Guyana.



On point 3, that's a pretty big statement considering Frontera is a producer and could divert more capital to their producing assets versus deepwater exploration (where first production may be more then 5 years out upon project sanction).

 

We don't have all the information on Kawa - but, I do expect Kawa to be a critical component to CGX's future subsea development on Northern Corentyne.

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