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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

Post by Devanand1on Aug 30, 2021 7:00am
265 Views
Post# 33780591

Maersk Drilling upbeat about Guyana campaign, rig now booked

Maersk Drilling upbeat about Guyana campaign, rig now booked

CGX Resources Inc., operator and joint venture partner with Frontera Energy Guyana Corp has exercised an option to drill one additional exploration well offshore Guyana. The work is expected to commence in the first half of 2022 in direct continuation of the semi-submersible rig Maersk Discoverer’s contract with Shell Trinidad.

With this option called, Maersk Discoverer is fully booked throughout 2021 and part of 2022, the company said on Monday.

“It’s a pleasure working for CGX. The rig has successfully spudded the first well and we are grateful for the opportunity to support their continued success in Guyana. The region holds great potential and with our multiple active rigs in the area, we are well positioned to tap into the positive outlook for hydrocarbon developments in the Americas,” says COO Morten Kelstrup of Maersk Drilling.

Explorers betting big on Kawa-1, confident of hitting pay in major comeback

Maersk Discoverer is a DSS-21 column-stabilised dynamically positioned semi-submersible drilling rig, able to operate in water depths up to 10,000 ft. It is currently operating offshore Guyana for CGX Resources Inc.

Following the contract with CGX, the rig will commence a contract with BG International, a subsidiary of Shell, in Trinidad and Tobago as stated in Maersk Drilling’s recent fleet status report.

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