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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 4:07pm
182 Views
Post# 33749824

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

RE:RE:RE:RE:RE:THIS IS BIGGER THEN WE REALIZE!!!!Windyhill, https://cgxenergy.com/wp-content/uploads/2021/04/CGX-Energy-Announces-Agreement-for-use-of-the-Maersk-Discoverer-Semi-22April2021.pdf In this April release, it states that the primary well is Kawa-1 and the second option is a well in Demerera. Looks like the JV finally exercised that option. Back in February, the Demerera license was also extended 1-yr to 2022. A well will need to be drilled, or at least spudded, by then. My sincere guess is the Mr. Jagdeo wants a well drilled there ASAP, especially in light of the Joe-Jethro wells adjacent to that block. Could things change/I could be wrong? Absolutely... but I think this second well needs to be a Demerera well for the reasons above. I am sure most potential JV partners are hesitant on that block for obvious reasons and want to see what is there as well.
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