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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 17, 2021 8:56am
233 Views
Post# 34135337

RE:OCM

RE:OCMHi taal,

A commercial find takes longer for 2 main reasons (potentially up to 3):

1) The wireline program would probably have additional runs to a dry case (but this impact is rather small, a matter of 2-3 extra days on a well)

2) Going chronologically, the second reason is the one taking the most time (but we're not impacted by that one on Kawa, hence "potentially up to 3"), which is the welltest. As I stated on previous posts, exploration wells are less and less subject to welltest nowadays and it also costs a lot of monet & adds anywahere between 7 to 15 days to the program.

3) The Plug and Abandon (P&A) phase takes longer (re-reading your question, it''s not part of the "ascertain" part as such, but anyway) because the regulatory requirements (and good oilfield practice) for abandoning wells take into account hydrocarbon bearing zones and flow potential to surface; in a dryhole case your P&A program will (may) be a tad (just a tad) lighter, with an impact of say 1-3 days on the overall planning.

Folks, I scanned quickly on yesterday's messages, there are a bit too many to read right now, I'm answering this one because I saw my name but if there is any other question I'm missing please reply here or drop me a message.

GLTA,
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