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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 Dirksidetrackon Sep 08, 2021 11:21am
157 Views
Post# 33824791

RE:RE:RE:Share price

RE:RE:RE:Share priceAnd I think that the market has already priced in finding oil. CGX had a working interest in Jaguar and has all of the geological and geophysical information and they found oil on Jaguar. The, then, prime minister of Guyana said so after visiting the rig back then. The info that I posted from Repsol last week had photos of oil samples taken from the formations while drilling, probably using a wireline probe of some sort. Using that offset info the market has already priced in finding oil in my opinion. They'll run the same wireline probes on this well and probably find oil. But that won't move the needle much because it doesn't tell you much about the permeability of the formation, in and of itself. You need oil to flow freely from the far reaches of the reservoir to the well bore. Shale is loaded with oil. It has around 30% porosity. But it has zero permeability. That's why they gotta frac it to get oil to flow out of it aka shale oil. All of this talk about leaks is irrelevant. They won't know the permeability until they test the well which is highly complex in an HTHP well. I know very little about testing HTHP wells so I'll stay in my own lane. But I do know the tools require special alloys, machined to mil spec (military specification) standards tested in hyperbaric chambers at high temperatures then field tested before they'll be used on any HTHP wells. Check it out yourselves. You don't want the packer unseating or slipping or the test tool jamming when the formation is flowing. There's no danger to personnel or the environment because they can always bullhead the formation fluid back into the formation but what a time consuming mess to handle. So until they have succesfully tested then I wouldn't get too excited.
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