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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 Nov 04, 2021 6:32am
228 Views
Post# 34085441

RE:Time/depth relation not normal

RE:Time/depth relation not normalIt's very normal if you're looking for the top of a formation. The lwd neutron and density tools are usually around 20 meters above the bit in the BHA. This means that you'd have to drill part of your formation of interest to get the tools into the formation in order to identify the top.

This is sometimes not desirable because, if you wanted to core the formation, then how can you core it if you've already drilled it out? Some "expert" suggested that they could side track to core and it would only take two weeks. SMH!

So what they do is once near bit resistivity picks up formation change and there is a change in "D-exponent" calculated from the actual drilling parameters they drill a meter or so and circulate bottoms-up which can take a couple of hours. The geologist inspects the sample and continue this process until he or she or they definitively identify the top. Then they poh, make up core barrel assembly, rih and core which they do with very low penetration rate because they don't want to "jam off" the core barrel.

They may well have just finished coring the Campanian. I'll stick to my thesis that they will divulge zero information because they are paying over $80 million to acquire that information and every operator out there would love to get their hands on it to correlate with their seismic in their seismic inversion analysis. That information has tremendous monetary value. I'd leverage it and shop it out only to serious possible farm in partners.

So for investors, it's wait and see for a while longer. Note that I have zero info about the well. I'm just offering another possibility to what OCM said. And both may be true at the same time.

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