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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 hcarbonon Jun 30, 2023 5:47am
372 Views
Post# 35521741

From JF fund. (Sweden)

From JF fund. (Sweden)Google translate:

 Now came the release from the companies regarding WEI-1 Guyana offshore, a powerfully deep drilling that took its time but without significant problems, which is unique for similar drilling. The deep part, the Santorian, accounts for 210 feet of oil-bearing sand to be added to the already logged 77 feet in the shallower levels such as the Maastich and Campanian - close to 100 meters of oil-bearing that is. Between the lines in the release, we see great possibilities that the channels between WEI-1 and KAWA-1 are also oil-bearing and, as JF suspected for some time, can form a coherent system within the entire northern part of the Corentyne block. Due to a fault in the equipment, the desired oil quality samples could not be taken, which may take some time. Very close EXXON/HESS' deposits in the Stabroek license, PLUMA and LAU LAU, can provide significant information for the discoveries in the CORENTYNE license by comparing drilling data matched with respective seismic and their oil grades. It now seems quite clear that North Corentyne is an extension of South Stabroek AND that the 14km intermediate channels between the two discoveries now made within Corentyne, and the reservoirs there, are also likely to be oil bearing. Further investigations will show whether this is the case. IN SUMMARY, we can probably say that the outcome up to today exceeds the expectations of JF and is likely to be a pleasant surprise also for the companies concerned, which in the context are very small and therefore a great success here means a lot. We repeat that FRONTERA aggregated on the last line sits on 92.6% ownership (via also the majority ownership in CGX) in Corentyne. The boards of the companies are also intertwined.
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