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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 Duderrron Jun 29, 2023 1:15am
294 Views
Post# 35519839

Preliminary Lab Results… next month?

Preliminary Lab Results… next month?

 Just thought I’d mention this about the 2-3 month timeline (haven't read the board but in case anyone is harping on that). THEY DID NOT SAY THERE WOULD BE NO UPDATES SOONER. 

 

Just that they need that time to “integrate results into the geologic and geophysical models to form an updated view of the ENTIRE northern portion of the Corentyne block.”

 

To add to my point - for Kawa-1:

 

TD was Jan. 31, 2022 - when they announced 177 feet of hydrocarbon bearing reservoirs, but had not yet to attempted wire line logging and MDT fluid sampling.

 

March 2, 2022 (equivalent to today for Wei-1) brutal day… confirmed 200 feet net pay, but announced they couldn’t even retrieve sidewall core samples/fluid samples and engaged an independent 3rd party lab to analyze… drilling cuttings. 

 

WHAAAT?! March 4, 2022… that’s like 2 days later  They announced ‘preliminary lab results’ confirming light oil in Santonion.

 

Fortunately they gathered a ton more data and samples on Wei-1 - so not saying we get another update this week, but I’d expect one soon.

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