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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 westcanprideon Jun 22, 2023 9:53am
255 Views
Post# 35508904

Suresh

Suresh

Very easy to blame him... but he is also surrounded by a bunch of useless people as well. 


port progress... complete embarrassment. I've seen docks in Alberta with better quality than the junk they have posted to their website. Wait till the Chinese or someone else come along and build a real port... this CGX joke will become obselete very quickly. 


drilling team... also complete embarrassment. Two wells in a row massively over budget and over time. I could definitely understand the first one in Kawa. But this second round has been an absolute nightmare as well. Hell, it's been over 5 months since Wei was spudded and still not results in the primary interval. I know people like defending this drilling team, but I'm sorry, they aren't very good. Maybe in their past lives with previous companies they had better success, but with Guyana basin they proved to be out of their element. 


PR... well... I am sure high school kids could do a better job than the junk they pump out on occasion. 


End of day, to defend anyone in CGX organization would be a waste. Suresh is just an easy out (like blaming a Trudeau or Biden)... but the folks they are surrounded with also are just as much to blame. 

IMO, they are all overcompensated and overhyped. I've been incredibly fortunate in my life to work with smart and hard working people... terms I would never apply to anyone in this company. 


To think, all they have to do is drill for oil...in a country desperate for oil drilling and production and willing to do anything to help this cause... and they still manage to mess things up along the way. 

 

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