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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

Post by Harel1976on Jun 13, 2023 10:13am
310 Views
Post# 35493479

Wei-1

Wei-1I think different from all posters here, 71 feet in multiple secondary targets is not good and doesnt sound commercial at all.
So many red lights again and a weird time to release news with no point.
"Hydrocarbon signs in the primary targets", that is something i dont like to read on NR's.
Im afraid its going to be another kawa where the surgery was a success but the patient died.. 
Hope im wrong...

At times like this be extra carefull no to believe any bs the companies release...

A hardly commercial project is not something fec will advance and with 200m$ cost for exploration well no one will jv and cgx will get eaten by fec, cgx needs a big commercial discovery only, anything else is very very bad. 
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