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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 oldcompanymanon Nov 10, 2021 7:40am
193 Views
Post# 34108669

RE:RE:RE:RE:RE:Cfo

RE:RE:RE:RE:RE:CfoHi Dirk,

This is in fact a valid hypothesis that my mind seems to have overrun due to all the focus on (perceived) hole stability etc issues based on low ROP at the same layers as on B58. I have no memories of running MDT and then drilling the same section but it doesn't mean much, it is a possible hypothesis. In the last 10-12 years we have seem FPWD (Formation pressure While Drilling) and similar equipment incorporated in the drilling BHA and gaining much information like that too, but then again, I'm by far not a data acquisition specialist and as a gut feeling I would find reasonable that they may want to perform a proper mini-DST using an MDT suite with inflatable packers across the formation to be tested.

In all cases as you know as much as I do, they would not run MDT (or most other wireline tools, but especially an MDT with so much contact with the formation) if they did not have a very stable hole. This is great news for the operational success of the upcoming phases.

This all goes in the direction of what was the main message in my long post of yesterday, from a non-technical angle, a quite simple one: if they really were running wireline yesterday, it means that the probability of operational success (i.e. being able to reach planned well TD) has increased a lot. (Operational success does not mean geological success).

Let's see the SP action today and it should become clearer.

GLTA,
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