Spoke to CEO and IR Spoke to the CEO and the lady in charge of Investor Relations at CGX energy. From what I see, the bottom line is this. If they hit oil, we prosper (obviously) There are 4 more wells (I think) to drill. Each well is very costly however they have some good financial backing with some of their key shareholders. The CEO was retired and decided to jump on this oil play because he saw a lot of potential. Pacific Rubiales has a 75M dollar investment on CGX. Correct me if I'm wrong but who would put that kind of money down if they didn't feel something would emerge from these drills?? From what i gather, it's going to be about 2-4 years before anything happens. As long as they don't close the doors, anyone in at this level is relatively safe. Any lower and it's bankrupt.....so this level here is def yummy.
I own 95,000 shares at .16 cents......fingers crossed.