INPEXThe article last month from Upstreamonline confirms there are rumors that Inpex has found hydrocarbons. It appears, news is already creeping out that the INPEX well results are positive - so this should have some positive impact.
"Market sources suggested Inpex may have found indications of hydrocarbons at the wildcat in Suriname’s embryonic offshore...This month, the Inpex wildcat was drilling below 2000 metres with hydrocarbons reportedly found in a shallower section of the well, possibly a Maastrichtian zone."
https://www.upstreamonline.com/hardcopy/news/article273496.ece
It would be great if INPEX can conduct a DST (flow test) on both the Maastichtian and Albian / Aptian formations before releasing the rig. This type of information would be key (how many barrels per day each formation flow, quality of oil in each section, etc.) not only for CGX but all players in the area / basin.
As far as the SP of CGX is concerned - I think everyone here would agree the SP should be somewhere above $1.50. If Inpex announces good results maybe CGX's SP could climb over $2.50...easily.
Maybe, one reason CGX's SP is trading at a discount is uncertainty as to what steps CGX's management will take to come up with funds to drill Eagle and, more importantly,
the anticpated timing of when such a deal will be announced. It may be that investors are a little gun shy thinking another issuance of new stock is right around the corner. Or, striking a deal with a JV will require CGX to give away a massive percentage stake in their blocks. Who knows...
I was thrilled CGX did not strike a deal until the well results of Zaedyus were released. I am hopeful that CGX will wait until INPEX has finished drilling their well (and results are published) before moving forward with some type of deal.
Now, if CGX could wait until Jaguar is finished drilling before striking a deal - I would be over the moon!!!!
Lastly, congrats to the shareholders that stuck with CGX when it was down at
.50. Hopefully, in about a year someone can issue a similar post when CGX's SP is above $10.00....