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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 SportyJon Jan 02, 2022 12:07pm
285 Views
Post# 34277257

RE:RE:RE:RE:20000 achieved as at Year End

RE:RE:RE:RE:20000 achieved as at Year End Wait for the PR or try and speculate on what's going on. Nothing wrong with either approach. For me, this is not going as planned. Not necessarily a negative but why? I figure 1 of 2 reasons and probably a combo. 1. Drilling challenges; major rig repairs, fluid loss, tripping for bits that weren't designed for the rock they encounter and couldnt drill 100' in 24 hrs, maybe getting stuck and having to chem cut the drill string and then fishing for days, pressure probs, temp probs, maybe rubbing a hole in the casing requiring squeeze jobs and prob 100s of other possible drilling related challenges. No.1 is total speculation and please don't think I'm spreading fuddy duddy. But the fact is they are 50% over AFE and currently 10% over the original drilling time estimate. There are reasons for these overages. Let's move to no. 2. Data Gathering Decisions. Logs, samples, cores, testing etc. My belief is that the drilling of Kawa would be done differently by an independent vs a major. An independent usually has financial constraints and typically wants on and off the hole as quickly as possible. Not to say they don't go for all the "necessary" info they need but not even close to what a major would require. A major on the other hand has teams of folks that want every piece of data and then some. I mean they will go over the top in the info collection dept. especially if it's a first exploration well in a new basin for the major. So imo, the delay is a combo of 1 & 2 and I believe that there are decisions being made on the kawa rig floor by hard hats that have a logo that don't match the logo of cgx/fec. All total speculation and jmo. Happy New Year all!
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