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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 Jul 05, 2021 9:41am
250 Views
Post# 33492272

RE:No commercial oil at Jabillo-1, Sapote is next target

RE:No commercial oil at Jabillo-1, Sapote is next targetThough unfortunate, its a painful reminder that oil exploration is not easy and guaranteed. Leading into their original Bulletwood-1 well in deeper water, Exxon had called it a "Liza look alike". As we know (well I think most do), it was a dry (or non-economic well). The next two wells, Tanager and now the Jabillo, were also dry wells. 

Good thing for ExxonMobil in Stabroek is that their Ranger-1 well was drilled pretty far offset from Liza/Payara and encountered ~70m of oil-bearing carbonate reservoir (so not sandstones like everything else). This discovery gives them ample options to keep drilling in Stabroek for years to come. Just sucks for them down-dip prospects in Kaiteur and Canje blocks haven't amounted to much at all to-date. 

For CGX (and more importantly Frontera!), its a reminder that nothing is guaranteed, depsite attempts to go after "look alikes" seen in Suriname. I think Stabroek and the upper-half of Block 58 in Suriname are the fairytale lands everyone hopes for. Everything else to-date in Guyana has been painful lessons... go ask EOG, down 20% at the moment 5min into trading.
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