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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 westcanprideon Mar 30, 2022 6:07pm
242 Views
Post# 34560791

RE:Shell,

RE:Shell,As many probably know, Shell famously backed out of the Stabroek Block in 2014 prior to the drilling of Liza-1 in 2015.
https://oilnow.gy/featured/we-didnt-realise-the-significant-potential-of-stabroek-block-says-shell-vp-exploration/

Obviously Shell has regret (who wouldn't) and it is enough for them to buy back in Corentyne? Other than the obvious companies (Exxon/HESS/CNOOC & Apache/Total), Shell probably knows the geology of the Guyana sub-basin best. They might even have old presentations (or even senior staff) still on board from the pre-2014 period and thus would have a inside edge in being able to compare the Corentyne seismic/well result with the work they have done internally on Statborek.

Guess we will see. It is internesting the Wei-1 is being projected to start drilling in May (based on reports filled with the government, as others have posted). Something would have to give ASAP if that were true. 



 
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