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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 Mar 04, 2022 3:35am
202 Views
Post# 34481999

RE:RE:RE:Disillusioned

RE:RE:RE:DisillusionedSparky5868, Well in one of the past NRs they mentioned that they would log the well at TD which I and others found odd. Why not log the open hole interval before running casing which is the usual practice.

Because they couldn't? Why not? The answer to that question could be many reasons. So lack of information made me wary. I lent towards the reason that they couldn't was because they drilled into a massive coral reef with vuggy porosity and high pressure kicking at them all of the time while simultaneously taking mud aka losing mud or losing circulation.

Ok so that's a good thing if it's hydrocarbons. So I reckoned that when they healed the mud losses and killed the well, they drilled a bit deeper to find a competent formation to set the casing shoe. Wanting to get the trouble zone behind casing ASAP they didn't log. Ok I'm good with that. Makes sense if my speculation above is true. If it is true, then they may have a great well there. But we don't know. It's this uncertainty that is spooking people.

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