DEMERARA: JOE EXTENSION Reference Eco-Atlantic’s third party CPR:
https://www.ecooilandgas.com/wp-content/uploads/2019/03/AIM2019CP-ECO-Orinduik-reporMar2019Final-.pdf Note page 41 which shows the sepctral decomposition of Joe and Jimmy. If you cross reference with slide 25 - the Northern portion of the Jimmy prospect appears to terminate within the Orinduik license license. Joe clearly does not!
Now if you go back to slide 41 - you can see there is a significant extension of Joe that goes well beyond where Jimmy terminates (north). The extension appears to be fairly significant!
In fact - if you compare and contrast slides 25 and 41 - the widest section of Joe appears to fall within the Demerara license.
How much extends into the Demerara license exactly is anyone’s guess... We will let Duncan Nightingale and his team figure that one out...
However, success at Joe would clearly put CGX in position to claim an oil discovery (part of it anyway) without having to drill a single well. In turn, booking those reserves and access to financing (RBL) now becomes key along with establishing a unitized development framework that would benefit all parties.
Still very curious as to what Exxon and Apache exploration plans are for 2H 2019 and how it would implicate the northern Corentyne area.
All positive - many near term catalysts to play out... CGX still overwhelming under valued sub $1.50 relative to other institutional asset valuations of comparable assets.