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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 SportyJon Jan 23, 2023 12:31pm
260 Views
Post# 35240027

RE:Interesting quote in today's PR

RE:Interesting quote in today's PRWCP, I'm way out of my expertise here, actually I have no expertise in anything :) but this is my take on your post. First, future drlg contingent on positive Wei results....obvious. Second, to "earn" corentyne they were required to drill 2 wells by 1/31/23...they now have and under the license they aren't required to drill anymore. Third, go back and listen to the FEC Columbia open house presentation. FEC talked about Wei being a quasi (my word) exploratory well AND Kawa appraisal well. Appraisal Well is key. They talked about the thesis that Kawa zones possibly communicating with Wei zones. That could indicate one field rather than two. They will gather critical Wei data and correlate it w Kawa data. Fourth, clearly FEC is risking a whole lot on this project. But they have more info going into Wei than they had before Kawa. Lastly, I'm not seeing anything to deter my enthusiasm for the high impact potential of the corentyne project. No doubt there's some risk so invest if you want accordingly. All imo. 
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