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CGX Energy Inc V.OYL

Alternate Symbol(s):  CGXEF

Energy Oil & Gas E&P
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

CGX Energy Inc > Question
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Comment by SportyJon Apr 09, 2024 12:15pm
145 Views
Post# 35979242

RE:Question

RE:QuestionTaal, a great question.

A couple of possibilities:

1.  Total got a bad case of FOMO.
2.  Our 2 wells are not as "successful" as we believe they are.
3.  Our guys are asking too much ie they've overpriced the deal.
4.  If a unitization is the path forward; that takes a lot of time for agmts to be ironed out as well as to aquire the necessary data from offset wells (Bluefin-1, hatchetfish, Haimara-2 etc) in order to establish and agree on unit boundaries.

I'm sure there are others.
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