RE: CGX help please I find the answer
So they just test the Eocene play with this well but will test Turonian play on next well. So it means should they strike oil next week the stock price you go to around $2
CGX has contracted the Ocean Saratoga semi-submersible drill rig to drill the Eagle-1 well which is planned to a total depth of 4,200 metres to test the Eocene and Maastrichtian geologic zones. The Company is encouraged by the results that Shell had in 1975 when it drilled the Abary well which had a discovery in the Maastrichtian geologic zone prior to their losing control of the well. Drilling is anticipated to take 60 days. The Eagle-1 well commenced drilling on February 13, 2012. Drilling is anticipated to take 60 days and CGX will announce the results upon completion of drilling.
Fast-track processing and interpretation of the 3D seismic data acquired by PGS has commenced on CGX’s two early Cretaceous, Albian prospects, Crabwood and Kabukalli and will be followed by processing, interpretation and compilation of the Eagle Deep Turonian and Campanian prospects. CGX intends to drill the Crabwood and its Eagle Deep prospects as the second and third wells to test all geologic zones that are present on the Corentyne offshore license.