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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Post by Atonon Dec 19, 2018 3:49am

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Post# 29133148

P50 est. for Corentyne Block = 2,5 billion barrels

Remember that Exxon now has hit oil on 13 of 14 drills in the next door block. 3D is done for Corentyne and now we have a drill rigg on contract for drilling targets in mid 2019, CGX still holds 67% of the block so if we hit oil it will be an astronomical rally for the share, however Im suspecting that we will see Total / Exxon / Tullow farm in before drill.

Corentyne License
CGX has obtained three independent resource estimate for prospects and leads on the Corentyne License. The independent resource estimate by Gustavson Associates dated May 17, 2012 provides for a P50 resource estimate of 2.5 billion barrels for two targets – Eagle Upper Turonian (1.2 billion barrels) and Lower Turonian (1.3 billion barrels).

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