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 Harel1976on Mar 07, 2022 8:24am
314 Views
Post# 34489488

wei-1

wei-1as you all know the plan was 1 well in corentyne and 1 well in demerara in order to keep cgx's commitments.
why have the plans changed?
in my view, kawa-1 didnt deliver the result needed for a farm out, it did deliver an encouraging results for future exploration and de risked some prospects like wei-1.
going for wei-1 and relinquishing demerara is the right thing to do, if wei-1 will deliver a big commercial discovery cgx, that will have a 180m$ debt by then, could be saved from bankrupcy though all players know its financial situation and will take advantage of it.
going back to tanager-1, the guyanese gov. was notifyed that a discovery was made (as oppouse to kawa) in the mastrichian though not a stand alone commercial discovery, and a 65m barrels were discovered where the p50 was 20m barrels, a huge de risk followed  by an improved cpr.
the santonians encountered 3 times the sands they targeted, an amazing outcome, yet the stratigraphic trap seems to have failed and the liquids were sent to a third party laboratory to be tested, much like kawa-1.
as good as these results were for the long run, ratio petroleum with its 25% interest fell 85%.
i have no doubt that if ratio was the operator with 66% and owned by the other partner in a "deliver or die" situation, the release would sound like the kawa release, but exxon was incharge and no games were played.
i cant tell what the "nature of hydrocarbon" will be after the testing but when you encounter a light oil in commercial quantity you know it and you publish it especially if your back is against the wall and you have to farm out to fund a near term well.
be aware that even though you might end up with a commercial discovery, at this moment all red lights are on!!!
i realy wish you all the best, im writing this just because i think something un ethical is going behind your back.


<< Previous
Bullboard Posts
Next >>