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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 pdevrieson Jun 13, 2023 12:19pm
172 Views
Post# 35493898

RE:$1.55-1.60 CAD range

RE:$1.55-1.60 CAD rangeCGXEF needs to find hundreds of millions of barrels of oil for the Corentyne block to become commerically viable.  They clearly are not there yet.  71ft od pay is not a whole lot given the cost of production in deep water.  The number of feet of pay is also not the whole story. Not much to be excited about in this mornings report.  Also CGXEF is out of money (has negative working capital).  Be greatful that CGXEF went up at all.
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