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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 Kelvinon Feb 23, 2023 1:38am
151 Views
Post# 35299973

RE:3 to 4 months

RE:3 to 4 months Well if you look at their August 2022 presentation slide 9 or 10, if memory serves, you'll see the seismic with the rock layers identified. They're probably just above the Maastrichtian. The lower Santonian is a couple of months away. Top hole is soft rock that is less compacted and drills fast. As they get deeper the rock is more compacted, gets harder and drills much slower. Below that thick Santonian you'll see the Coniacian "wedge" as they call it. I don't think that they'll drill into it as they did on Kawa. 

I don't know their coring program but they may do some. Coring typically takes over a week from POH to pick up core barrel to RIH to ream the core section and drill new hole again. Pretty expensive in terms of rig time but I can see them maybe doing some. Getting sidewall cores is much quicker though. As far as news releases I don't expect much info outside of operational updates. Geological info will probably come much later after they TD the well. 

So people can read what they want into sp movements. I've seen the sp go to over $3.50 CAD then drop to below a buck again. Weird. 

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