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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Comment by deepthinkon Dec 06, 2011 10:32am

488 Views

Post# 19295052

RE: Press release Staatsolie Dutch/English

I am puzzled. I am reposting the report from Staatsolie, translated so it makes sense:
PARAMARIBO-TeikokuOil(Suriname) Co..Ltd.(TOS)completedtheexploration wellin Block31in the sea areaof SurinameonSunday, December 4, 2011.TOS is satisfiedthat the objectives ofthe well were achievedand thatthe evaluationwill be continuedthanksthe excitingand positive results. TOSwill doadetailed analysis ofthe geologicalfindingsin 2012.Results of the analysiswilldeterminefuture explorationplans.
(See https://www.gfcnieuws.com/?p=92476)

My read of this is that Inpex has positive results, and is now continuing testing, with more analysis to be released in 2012.

Compare this to the report from Staatsolie on Murphy's well, at https://www.staatsolie.com/press_releases/Persberichten%202011/press_release_offshore_drilling_aracari1_murphy_oil.pdf

So I think that the proper interpretation of this report is that Inpex has finished drilling, believes it has something, and is to perform more evaluation.

If anything, this seems to provide confirmation that the basin is attractive. So why did the share price fall this morning?

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