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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 Mar 16, 2024 5:37pm
171 Views
Post# 35936798

RE:RE:RE:RE:RE:197ft at Bluefin

RE:RE:RE:RE:RE:197ft at BluefinDirk, I'm an oil & gas generalist. Meaning I know a little bit about a lot and a lot about a little.

While this may mean nothing to most here you can DST in open hole while drilling. Thereby you can't DST a well once the well has been drilled, cased and finished.  I assume theortically based on well design, you could come back later and perf and flow test a drlled well.  My understanding down in Guyana and in most rank offshore exploration you drill exploratory wells (no DST & no subsequent perf & flow testing) first to gain the necessary data (MDT, LWD, mud/electric logs, fluid samples etc etc) to warrant a determination of future development or not.  Then if the exploratory well(s) confirm future development, you drill appraisal wells designed for DST and or perf & flow testing.  Then and only then do you drill your producers, injectors, disposals etc.

What Cgx has done is drill two exploratory wells (even though Wei-1 was confusingly termed both exploratory & appraisal).  Our two wells should have defined whether future development is warranted.

This is where we stand today. Cgx/Fec has put forth the idea that a future standalone Maastrichtrian development is warranted; the market isn't convinced.  In the meantime Exxon is offsetting NC with multiple wells (Bluefin-1, Haimara-2, Hatchetfish-1).  Bluefin-1 is the first Stabroek discovery in 2024.  While Cgx/Fec messaging may be confusing, Exxon's is not.

All is imo only.
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