Join today and have your say! It’s FREE!

Become a member today, It's free!

We will not release or resell your information to third parties without your permission.
Please Try Again
{{ error }}
By providing my email, I consent to receiving investment related electronic messages from Stockhouse.

or

Sign In

Please Try Again
{{ error }}
Password Hint : {{passwordHint}}
Forgot Password?

or

Please Try Again {{ error }}

Send my password

SUCCESS
An email was sent with password retrieval instructions. Please go to the link in the email message to retrieve your password.

Become a member today, It's free!

We will not release or resell your information to third parties without your permission.
Quote  |  Bullboard  |  News  |  Opinion  |  Profile  |  Peers  |  Filings  |  Financials  |  Options  |  Price History  |  Ratios  |  Ownership  |  Insiders  |  Valuation

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 westcanprideon Jun 22, 2023 10:23am
167 Views
Post# 35509001

RE:RE:Suresh

RE:RE:Suresh

Kawa and Wei are a combined $120MM usd over budget from pre-drill costs. Either they sandbagged their pre-drill estimates or they failed to do their jobs properly. I have absolutely no problem with Kawa (on record saying this... offshore is a beast). But it's clear they didn't learn a hell of a lot for Wei and still ended up being another $60MM over budget on this well. But sure, let's blame Suresh for this as well. If anything, he may have been too guillable and took the CGX drilling and procurement team at face value when given pre-drill estimates and then doing negotiations with frontera for how to fund Wei. 


As for high school kids... haha... I said that specifically for CGX PR team, not drilling. Hell, get chat GPT to write the final well release upcoming. Can't be much worst than the junk released over the past couple years. 

<< Previous
Bullboard Posts
Next >>