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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 29, 2023 9:26am
449 Views
Post# 35520212

Relaxed

Relaxed

I won't lie, I actually feel very relaxed regarding my CGX investment now. They discovery of a 210 ft pay zone in the Santonian (likely much of which is continuous) cannot be understated. Add in another 77ft of secondary pay in overlying zones and you have one hell of a discovery. Many similar sized sandstone reservoirs have been sanctioned by Exxon into development mode! 

At this point, we just wait for news on a JV/Buyout. The current strategy of going at this offshore drilling alone hasn't worked well for either CGX or Frontera from a cash flow/share price perspective. But I would almost certainly expect a major IOC/NOC to come along sonner than later. Many companies globally in the past 10 years have paid big money to buy into various basins globally (conventional and unconventional) and came up empty. Finding new oil and gas reserves is not easy! CGX has a winner in Wei in my opinion which really helps make Kawa even more attractive as well from a development perspective. 


If share price does drop more, I likely buy more. 

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