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. It is focused on the exploration of oil in the Guyana-Suriname Basin and the development of a deep-water port in Berbice, Guyana. The Company, through one of its subsidiaries, holds an interest in a Petroleum Prospecting Licence (PPL) and related Petroleum Agreement (PA) on the Corentyne block in the Guyana Basin, offshore Guyana. The Company, through its subsidiary Grand Canal Industrial Estates, is constructing the Berbice Deep Water Port. This facility, located on the eastern bank of the Berbice River, adjacent to and north of Crab Island in Region 6, Guyana, is being constructed on 30 acres with 400 m of river frontage. Its subsidiaries include CGX Resources Inc., GCIE Holdings Limited and CGX Energy Management Corp. It is the operator of the Corentyne block and holds a 27.48% working interest. Its Wei-1 exploration well is located west of the Kawa-1 discovery in the northern region of the Corentyne block.

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CGX Energy Inc

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Post by deepthinkon Jan 07, 2010 11:21am

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Post# 16649579

Tullow and 2nd well

The reason that this announcement is so positive for the stock is that Tullow has a really strong record of drilling success using the kind of data CGX and its partners have now acquired. Tullow wouldn't be going ahead with this if it didn't like what it has seen. Tullow had an 85% success rate in its drilling last year...This well is not dependent on acquiring outside financing. It is going to happen because Tullow and Repsol have the financial capacity. How CGX is going to pay for its share is not clear, since 1/4 of an $80m well is still $20m.

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