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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 IceDog13on Dec 16, 2021 12:54pm
268 Views
Post# 34237464

RE:Bad update

RE:Bad updateI have been following the Kawa drill from a distance having exited when it jumped to the $1.70s. I really do not understand the market reaction to todays news. CGX is going to put the best spin on this they can but it was very negative in my opinion. Finding hydrocarbons was a given considering the location of the drill. It does not look like they hit a commercial discovery yet, they are way over budget and behind schedule with still about month left to drill to TD, and no money left so are looking for funding options. What did I miss to have the stock jump up 40%???
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