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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 geomanx02on Dec 16, 2021 10:08am
428 Views
Post# 34236451

Active Petroleum System

Active Petroleum SystemAn APS does not mean they have found commercial oil zones.....it means they have found shows or indication of the presence of hydrcarbons.

Since they logged the well while drilling and presumbably logged open hole before setting the liner, they should know if there is commercial oil in the first target zone and....they didn't go there.....leaves a lot of guessing and speculation.

My interpretation of the PR is that they are drilling in an oil prone area........and nothing else.

It's not what they said....it's what they didn't say.
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