CGX Energy Inc V.OYL

Alternate Symbol(s): CGXEF

Energy Oil & Gas E&P

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.

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CGX Energy Inc > CGX & Kawa-1 Well

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Comment by AnMaron Dec 14, 2021 8:13pm

203 Views

Post# 34231122

RE:CGX & Kawa-1 Well

BoDidley5656 wrote: 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.

This needed to be repeated, because this is exactly how I see it. Thanks for the post BoDidley.

Like I said, this is starting to look expensive and may also be one of the reasons some more risk-averse folks are dumping. I believe the max budget was expected to be no more than $90M and it may likely be headed up to $100M plus. Is this another Jaguar? Yikes. JDC & Prospector better dump it all before CGX is at .50

I wonder if they moved the rig to get out of the way of a giant gas bubble rising to the surface (which would sink the drill rig) due to the BOP blowing off the ocean floor - that would explain the oil slick?!

OMG - this post went south in a hurry

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