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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 1:34pm
279 Views
Post# 34329384

RE:RE:RE:RE:RE:Dirk

RE:RE:RE:RE:RE:DirkOil_Run, In a previous post I looked for clarification on whether they were reporting TVD (true vertical depth) or TMD (true measured depth). If they had 1500 feet to drill TVD but are drilling high angle hole where they'd have to drill say 2300 feet to increase TVD by 1500 feet then that would explain the delay because not only would you have more hole to drill, directional drilling high angle takes a lot longer.

Just a thought: I know that on past wells that I've been on they wanted to catch as many pay zones as possible with one well. So they have to drill directionally to intersect them all because the formations are not always directly on top of one another especially in areas with faults.

The geology that I have read talks about listric faults being very common in valleys and canyons. These faults often serve as migration pathways as well. So maybe oyl designed the well such that they'd catch the upper zones, drill through the fault, and catch the lower section of a Santonian that was once one continuous formation pre fault. Just guessing. I do know that the geologists are always on constant look out for faults. Very important I guess for reasons that I don't fully understand.

Note to Dfly: It's no surprise that oil could be present in formations under land in Guyana. A pdf that I read back in August authored by a Guyanese PHd student at the Colorado School of Mines said that local fishermen were reporting oil seeps into the ocean, near land, as far back as the 1700s.

Yallup and Scotchman also talk about these seeps in their report. Oil is still seeping into the ocean to this day. I guess that some oil must make it's way up to the ocean surface. How? Via faults? Source, migration pathway, but no seal I guess. But yes, very close to land as well as far offshore the seeps are common and have been reported for centuries.

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