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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 Dirksidetrackon Jan 18, 2022 11:09am
219 Views
Post# 34328552

RE:Dirk

RE:DirkDfly, Ok this is what I've learned so far about geology: the geologist has to travel back into time, in their mind, to piece together the sequence of events that would have had to have happen in order to explain why things are the way they are today.

We are talking about the Cretaceous Age, a period of about 90 million years, if memory serves. I read up on it. It was a period of extreme global warming with sea levels rising as much as 80 meters, dotted with much shorter periods of extreme global cooling and glaciation making sea levels drop.

So how does what was once an ocean beach get buried to a depth of 20,000 feet? There would have had to be a sea level drop at the time of the depositional followed by the erosional events and/or a continental rise. How you guys piece this puzzle together is beyond me, yet very fascinating. Because if you can picture in your mind the sequence of events over time, like a movie, then you can better predict where the traps are likely to be.

So, extreme erosional event. What would cause that? Unconformity means a gap in the depositional age of the rock layers. Like a rock deposited 30 million years ago overlying and directly in contact with a rock deposited 87 million years ago.

Where are the rocks between 30 and 87 million years old? They got eroded away. By what? A humungous river, cutting a canyon, like the Grand Canyon? If a river, then it was obviously above sea level. But Exxon has obviously figured all of this out. Maybe they'd love to get into Corentyne because they know where the oil is. My feeling is that if Kawa is even a bit of a dissapointment yet points to where the commercial oil is, then a floor will be established for the sp because oyl's value will increase because it holds part of the PA and PPL for Corentyne. In the case of commercial success then who knows what the increase in value would be.

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