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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 Kelvinon Jun 21, 2023 4:54pm
326 Views
Post# 35507962

Another possibility

Another possibility that may explain the seemingly long time for well evaluation and wrap up the well is that they may be running logging, MDT, sidewall core tools on drill pipe.

My friend explained it to me. It takes a long time because you're essentially tripping into and out of the hole a number of times. He said that a round trip (in and out) probably takes a couple of days at that depth.

Running tools on the end of drill pipe has 2 advantages: 1) The drill string is slick making it easier to pull through any shale or debris that may slough into the hole (ie no big diameter components like a bit that could get jammed up). 2) You can pull with a lot more upward force to free up the stuck tools in case they do get stuck. 

So they may still be evaluating the well. 
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