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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 westcanprideon Mar 04, 2022 12:02am
221 Views
Post# 34481860

What makes a company/sports team/marriage/etc special?

What makes a company/sports team/marriage/etc special? Its the people involved!

Many great examples exist in the oil patch of companies that failed not due to lack of oil resources, but due to poor subsurface staff. Same thing happens in sports constantly (a reason teams like Cleveland Browns/Toronto Maple Leafs/etc always lose depsite always getting great draft picks). I could do on and on. 

For Corentyne and Kawa-1, I firmly do believe the well encountered a mix of oil and condensate. Unfortunately, it looks like we do not have the proper staff on hand that could design a well or pick a rig that would allow for proper sampling. Heck, this "dream team" of drillers completely underestimated the time it would take to drill Kawa-1 and hence the costs required. We then have a PR team, in combination with Suresh/De Alba, that release very half-as*ed year end results that do absolutely nothing for the share price or condifence in the forward plan. 

End of day, when a junior company encounters 200ft of net pay (oil or condensate), the share price should skyrocket upwards and raising additonal money should not be an issue... a dream scenario for many folks in the O&G industry really! Instead with CGX, everything seems to be in limbo and we have less than desirable individuals running the show. Definitely sucks. 
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