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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Comment by ziboon Jan 23, 2022 7:01pm

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RE:RE:RE:RE:RE:RE:This week

My Brother works on rigs like this , controlling mud and pressure etc. and I have asked him a number of times the same questions the MB is asking. All he can say is A lot of scenarios can take place, losing tool's down the hole, hitting different formations, running tests etc. All of which can cause delays. This rig is costing around 1 million @ day and is way over budget. My unqualified conclusion is that they are onto something that looks promising, otherwise they would have plugged it and cut their losses. JMO

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