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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

Comment by westcanprideon May 13, 2021 10:17am
357 Views
Post# 33190976

RE:RE:RE:RE:RE:developer.....

RE:RE:RE:RE:RE:developer.....Chulo123,
Apache/Total have already made 4 large discoveries (see below). This upcoming appraisal well is most likely to confirm the edges of one of their 4 discoveries (probably the one discovery they are hoping to FID this fall).

On another note... all of Apache/Total discoveries are perfectly online (i.e., along strike) with the Exxon JV wells in Stabroek. Interestinly, Exxon has drilled three consecutive dry wells (Hassa-1, Tanager-1, Bulletwood-1) in the past 8 months when trying to explore in deeper water down-dip of this discovery strike line. If you look at the pre-drill press reports of all three wells, all of them were glowing and talking about how they could be Liza-1 look alikes. Definitely goes to show that Kawa-1 could easily be one of these dry wells, irregardless of how confident managment is in the offsetting data. Still lots of risk here folks from a geological perspective. Additionally, wells drilled up-dip of this discovery strike line (Joe, Jethro, Carapa) discovered oil but its quality/thickness was not as good as hoped. All in all, there is still big risk here and I personally would feel much better having a large JV pocket partner helping fund these upcoming wells. 

Guess we shall see soon enough. 

Guyana blocks map
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