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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. 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.


TSXV:OYL - Post by User

Bullboard Posts
Comment by catkinon Mar 09, 2012 3:10pm
571 Views
Post# 19650872

RE: Earliest signs?

RE: Earliest signs?

The CGX press release on Feb 13 strated that they were pleased to anounce that drilling had started. What it did not state is the actual time of start, this could have been days earlier.

It was interesting to note that the Ocean Sarratoga was realesed from it's last location on Jan 1st. So it supposedly took six weeks from release to the anouncement.

With respect to trhe current drill depth, if we use the Feb 13th start date and use 110 metres per day that would put them at approximately 2750 metres deep.

My understanding is that 110 metres per day, with this type of strata, is a fair average.

Bullboard Posts