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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 Sep 30, 2021 2:03pm
282 Views
Post# 33946746

RE:Disappointment at Suriname’s Block 58 as Keskesi fails to de

RE:Disappointment at Suriname’s Block 58 as Keskesi fails to deThank you for posting Devanand1.

I am not shocked, however, no one wants to discuss the implicatons of this well. It was actually drilled closer to the original discovery well (6km) than the distance of Kawa-1 to Maka-1 (~11km). 

Imagine if CGX had rights to the Keskesi South-1 well and that was our well... everyone on this board would be praising management for being genuises and not having a JV come aboard (so too "maximize the return") prior to TD. 100% guaranteed! 

Its clear most folks on this board know next to nothing about geology and the complexiities of stratigraphic traps. They think if a channel sand exists, then it must exist everywhere (or at least within a 10km radius). And given we only have a couple seismic lines presented to us, lord only knows what truly exists in Kawa-1. Could there still be oil and lots of reservoir sands at Kawa-1... absolutely! But the chance of also coming up dry is very possible. The last couple wells Apache/Total have drilled in 2021 show this very clearly. 

Hell, would not surpise me this is why no JV deal was inked. Companies looked at the data and called Frontera's bluff.... force them to not only hit oil with Kawa-1, but go and drill a couple appraisal wells and confirm the extent of the field. Not like Frontera has the cash to develop the field if oil is found and would still need help. 

Either way, I still hold some shares in CGX but majority of them are sold. Its super easy to fall in true love with something (as many on this board have with CGX... and de Alba more so), but one also needs to be realistic. Apache's latest result shows the big success of drilling either up-dip or down-dip from the profilific strike discoveries in Guyana-Suriname are still non-existant. Guess we will see if Kawa-1 is different! 

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