RE:More of the same $400MM USD (~$500MM CAD) too drill two wells. As hyped as the drilling team was pre-Kawa, they failed in their jobs. I know lots of people have connections to folks who drilled these two wells, but they didn't do a good job. Over-budget significantly, and even worse, lack of direct fluid data over key zones which has resulted in tremendous investor uncertainty.
I know this money could be cost recovered in the event production ever occurs, but that is so long down the road. In the meantime, cause of cost overruns on both wells, CGX has had to give up direct working interest in Corentyne to pay their bills. No amount of cost recovery can make up for significant lost working interest. We all bash Suresh, but he wasn't drilling these wells... they hired people to do so and they didn't come through as hoped. Way it goes when drilling in a underexplored part of a new basin.