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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 OIL_RUNon Jul 17, 2012 8:59am
433 Views
Post# 20120619

RE: RE: THOUGHTS - AWAIT CLARIFICATIONS

RE: RE: THOUGHTS - AWAIT CLARIFICATIONS

Forgot to mention - in the Zaedyus discovery press release Tullow stated the discovery well had "encountered two turbidite fans" in the intial discovery well, one of which was the primary turonian target.

In September 2011 - Tudor, Pickering, and Holt issued a follow up report (which can be found on the CGX website) indicating the main turonian fan on Zaedyus encountered 39 meters of net oil pay. Which means the other secondary fan, likely higher up in the well, had 33 meters (108 feet) of net oil pay. Seems like a pretty big sand package - at least for a secondary target...

Now, we know from the recent Jaguar press release that 'light oil' was recovered in two turbidite fans which are somewhere above the primary turonian target. If these other 2 fans in Jaguar are of similar size (in net pay) to those found in Zaedyus - should make for an interesting clarification!

The Zaedyus press release from Tullow is below. Again, take this with a grain of salt.

______

Tullow Oil announces that the Zaedyus exploration well (GM-ES-1), offshore French Guiana, has made an oil discovery having encountered 72 metres of net oil pay in two turbidite fans. Results of drilling, wireline logs and samples of reservoir fluids show that the well has encountered good quality reservoir sands on prognosis.

https://www.tullowoil.com/index.asp?pageid=137&newsid=710

Bullboard Posts