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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 Aug 23, 2021 12:41pm
375 Views
Post# 33748763

RE:RE:RE:THIS IS BIGGER THEN WE REALIZE!!!!

RE:RE:RE:THIS IS BIGGER THEN WE REALIZE!!!!I see your point (and enthuasism YD)... but Kawa-1 is being drilled slowly because its a new exploration well and many suprises can still come about (pore pressure, sub-seismic faults, etc). Even with a highly experienced team, I am sure many of them do not know all the subsurface risks in Guyana/Suriname and thus are being cautious. Guaranteed they probably have an extra caing/liner planned for the entire hole section just to be safe... this adds time, as the BHA needs to be tripped and pipe inserted. But this approach is way better than going fast as hell and experiencing drilling issues. 

Any drilling engineer also will tell you that keeping a hole open longer (ie., without casing/liner) than necessary is foolish as many issues can arise. Not too mention, the day rate on this rig is probably not something you want to keep killing time with. Since this well is not taking any core, it won't take very long to actually drill through any reservoir section and get to TD (probably 1-3 days max). That's the ironic thing about drilling a well... many weeks (onshore) to months (offshore) of drilling to get to the end result that only takes mere hours/days to reveal all the information. 

Anyway, I am sure most knew this info (including YD), but just for those who did not. 
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