RE:RE:Guess finding 177m ft means nothing to the share price...Coloradobluff... cool article. Definitely appears that is happening with CGX... albeit on a daily basis it seems and quite blatantly for that matter. Great example is Friday last week with a massive drop, to then magically spike Monday morning before the halt. 100s of previous examples also.
Guess at this point, the market has digested the oil discovery news. They now want specifics regarding actual funding (Kawa-1 well, upcoming second well, port, G&A) for the rest of 2022 and how much CGX will have to pony up (WI, shares, other?) to make it happen. Almost like they are a "real" oil company now and cannot live on pure hype no more!!
At the moment ($3.25 CAD share price), the market cap is roughly $1.09B. For a massive discovery, and potential second one over 2Q-4Q, that seems qute low, especially given the massive hype surrounding Guyana and Suriname. On the other hand, CGX is broke as a joke and needs serious cash and no one knows how they will make a new deal happen.
Either way, least this was not a dry hole or only like 10 ft discovery! Surely the greatest deal maker in the world can leverage a potential 500-700 mmboe field into something bigger for all involved!
Joys of CGX lol... literal couple days of excitement and then back to reality.