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 > Rig Component Failure/Replacement

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Comment by SportyJon Dec 18, 2021 5:29pm

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Post# 34243940

RE:RE:RE:RE:RE:Rig Component Failure/Replacement

Sparky, you're right. Common sense. The drlg contract (IADC) is negotiated and rig repairs is one of the paragraphs. Rigs can be down for repairs for x hours in 24 and still charge full day work. Above that, the rate falls. Never seen an operator pay for rig equip like a top drive or related labor etc. I'm sure this was a cost overrun but not the main culprit.

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