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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

Comment by Kelvinon Jul 05, 2023 7:27am
178 Views
Post# 35526877

RE:RE:RE:RE:Question for SheDrills

RE:RE:RE:RE:Question for SheDrillsmrbb, I doubt that fec/cgx even have the environmental specialists required to come up with a spill response plan and the resources to be able to handle one. Guyanese courts want a $600 million spill insurance policy from Exxon and proof that Exxon has the cash to cover costs over $600 million. I can't see Guyana allowing anybody but a major opening those wells up to the surface.

In drilling, unless you're a complete idiot like BP was with Macando, you can keep the oil in the ground. Completing and producing obviously means that the oil is flowing to the surface at high pressure and volumes. I can just hear the international uproar if oil starts fouling coastal areas in T&T, Aruba, Curacao etc.The current runs east to west in these parts at about 4 knots. It wouldn't take long to cause a lot of mayhem.
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