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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 waitingstillon Jun 28, 2023 9:53am
224 Views
Post# 35518247

Post by Optimista on ST

Post by Optimista on STThis could easily top the 300 ft mark once the third party laboratory finishes analyzing the results. Only two wells in the Stabroek block achieved more than 300 ft of net pay (311 and 305 feet). When on January 31, 2022, the Kawa-1 discovery was announced, the JV said that they had encountered 177 ft of hydrocarbon-bearing reservoirs. Three months later, on May 9, 2022, they confirmed 228 feet of net pay, a 29% increased from their original estimate. For Wei-1, the Maastrichtian and the Campanian results have already been updated by 8.5% from 71 ft of net pay to 77 ft. Using similar percentages, the original estimate of 281 ft (71 ft + 210 ft), will more likely end up in the range of 305 ft (8.5%) to 362 ft (29%). Official press releases are always very conservative. Wei-1 has the potential to be the biggest oil discovery in Guyana so far. Very exciting! Patience will pay off. Bullish
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