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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

Post by westcanprideon Mar 03, 2022 11:02am
482 Views
Post# 34479112

Everyone still love De Alba?

Everyone still love De Alba? 30% crash and massive questions remain about hydrocarbon quality. Hell, at this point, I am actually truly concerned they are fabricating the net pay thickness as well. If hole conditions sucked that much to prohibit any real well testing, those well-logs likely didn't collect great data either. 

At any rate, as shareholders, I think we are in trouble. CGX has no money and requires over $200MM USD to cover all required costs going forward. We also have no clue what hydrocarbons we have, and talking to any geologist, determining hydrocarbon type from chip cuttings is very difficult at best. No company looking at the data room is going to pay a premium to JV when basic technical data is still absent. In fact, given how little data they acquired on Kawa-1, at a minimum, at least two more appraisal wells will likely be required on the Kawa field before any FID is made regarding production... another $240-280MM USD! 


Man, what a joke. Unfortunately, let emotion carry my thoughts the past month with CGX as opposed to my brain and I am being punished severely for it right now. Serves me right. 
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