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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

Post by BoDidley5656on Dec 14, 2021 3:13pm
313 Views
Post# 34230162

CGX & Kawa-1 Well

CGX & Kawa-1 Well Some math quoted is quite worrying.  After 30 years drilling these type of wells the day rate full spread is at least $850k/day.  We are at or about day 120 so thats $102mm.  When well is done, rig demobed and all delay/standby equipment paid for the well will be $115mm+.   As a reminder ched the July and August CGX press releases - all public info syaing 85 day well and cost of 85mm.  
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