Join today and have your say! It’s FREE!

Become a member today, It's free!

We will not release or resell your information to third parties without your permission.
Please Try Again
{{ error }}
By providing my email, I consent to receiving investment related electronic messages from Stockhouse.

or

Sign In

Please Try Again
{{ error }}
Password Hint : {{passwordHint}}
Forgot Password?

or

Please Try Again {{ error }}

Send my password

SUCCESS
An email was sent with password retrieval instructions. Please go to the link in the email message to retrieve your password.

Become a member today, It's free!

We will not release or resell your information to third parties without your permission.
Quote  |  Bullboard  |  News  |  Opinion  |  Profile  |  Peers  |  Filings  |  Financials  |  Options  |  Price History  |  Ratios  |  Ownership  |  Insiders  |  Valuation

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

Post by Devanand1on Feb 21, 2022 5:03am
591 Views
Post# 34447391

Kawa answers lingering questions about commerciality of bloc

Kawa answers lingering questions about commerciality of bloc

The announcement by CGX on January 31 that it had encountered oil at Kawa-1, after more than 20 years of seismic data acquisition and drilling on the Corentyne Block is being viewed as highly significant by Norway-based energy research and business intelligence company Rystad Energy.

Schreiner Parker, Rystad Energy’s Vice President for Latin America and the Caribbean, told OilNOW last week in an exclusive interview at the International Energy Conference that the Kawa-1 announcement is “absolutely significant” because it is de-risking acreage outside of the prolific Stabroek Block.

“I think there was a lingering question about the commerciality of blocks outside of Stabroek, particularly in that Southeast corner of the Stabroek Block. So, if this does in fact become a commercial discovery, then it goes a long way in de-risking the rest of the blocks,” Parker said.

He pointed out also that Kawa-1 will have a positive impact on the upcoming bid round being planned by the government for around the third quarter of this year.

“Kawa will add excitement for the upcoming planned bid round because that is almost a prerequisite to have commercial material discoveries outside of Stabroek; to generate that interest and make it more than a one block play,” he stated.

Executive Co-Chairman of CGX Energy Inc., Professor Suresh Narine told OilNOW last week the Kawa results are encouraging in that they push the established regional trends further upslope than established deepwater discoveries and has the impact of potentially extending the so-called golden trend updip.

“As the first non-Stabroek block discovery in the Maastrichtian, Campanian and Santonian horizons, I would expect that this will certainly encourage increased interest in the slope of the basin as has been noted by other commentators such as Wood Mackenzie,” Professor Narine said.

CGX and partner Frontera Energy Corporation said the Kawa-1 well encountered a total of 200 feet of net pay encountered at multiple depths. The partners said the intervals at Kawa-1 are similar in age and can be correlated using regional seismic data to recent successes in Block 58 in Suriname and the Stabroek Block in Guyana.

They said too that Kawa-1 also encountered hydrocarbon-bearing sands in deeper strata (Coniacian or older).
https://oilnow.gy/featured/kawa-answers-lingering-questions-about-commerciality-of-blocks-outside-stabroek-rystad-energy/

<< Previous
Bullboard Posts
Next >>