Resource ReportOverall, its a very positive news release. 884 million barrels mean risked volumes. And perhaps more importantly, an actual prospect map that oulines the first two drilling locations. My goodness, de Alba has turned CGX into an actual real company.
Couple other thoughts:
1) The external resource report was completed on Oct 21/2020. If we recall correctly, that was very close to when CGX updated their website with the new PPTs. Why would they wait almost 4 months to release the actual resource numbers? My guess is they were hoping to still find the elusive JV partner. It never happened and someone like de Alba realized they couldn't keep running no more and had to release something.
2) With the release of the report, perhaps now they are hoping maybe a mid sized company might want to dip their toes in a new basin/country and this report will help attract new companies.
3) What the hell is the reason a guy like Suresh is kept around at this point? He has almost no skin in the game other than collecting easy pay cheques and shares given to him (not like he is making any purchases of his own). And I truly doubt the extensions are because of his government connections... more like de Alba et al kissed butt and promised to make something happen ASAP (hence the news releases, updated PPTs, resource reports, etc).
4) At this point, only things we need now is actual drilling timelines and confirmation of how they plan on financing the wells.
Either way, I really like the direction we are headed.