A Total News Black OutOther than the required 2nd Qtr Financial Reports released 8/10/23. The last news was released in the report on the completion on the Wei well on June 28th. In this last Wei well report, there is nothing saying that further news is going to be released to the public. The 3rd Qtr reports came out on 11/1/22 last year and I assume there is a good chance that might be the next news. FEC has not updated their Investor presentation or their Website for almost a year, CGX also has no presentation to entice and and interest investors. Despite both companies always doing so in the past and this is despite declaring a discovery in their $200 Mil well which normally always would result in an updated glowing presentation and the same with the release of quarterly reports, they always have updated the company's on line Presentations with new quarterly numbers. But no more.
With FEC spending something like $200Mil in Colombia and Equador in planned 2023 Cap Ex on some key wells, along with enlarging Porta Bahia and running a $30 mil pipeline directly from the port to a refinery, and more, such as buying into more concessions to improve production and with the price of oil moving up substantially.
Surely there would/has been some news to report that would normally be positive for the share price. With what appears to be a complete news blackout, and no information being released. There is nothing to move the share price of either company up thus no volume and little price movement and mostly down.
If the company or Frontera Guyana is for sale, as all signs seem to indiicate. I think there is a good chance the next news is either news of a sale or the release of the 3rd Qtr reports in about a month. Since they clearly are not basing a sale on share price, there appears to be no incentive to keep current shareholders informed. If they are in the midde of sales talks, I think the withholding of information is legal. With experience in selling at least 23 companies in the past, according to Reuters, hopefully de Alba is able to get top $$ for some or all of the company.
Here is the last real news release:
Frontera, CGX Energy find 210 feet of oil in Wei-1 well
2023-06-28 09:03 ET - News Release
Also News Release (C-OYL) CGX Energy Inc (2)
An anonymous director reports
CGX AND FRONTERA DISCOVER 210 FEET OF HYDROCARBON-BEARING SANDS IN THE SANTONIAN CONFIRMED BY WIRELINE LOGS AND EXTENSIVE CORE SAMPLES AT THE WEI-1 WELL, OFFSHORE GUYANA
CGX Energy Inc. and Frontera Energy Corp., the majority shareholder of CGX and joint venture partner of CGX in the petroleum prospecting licence for the Corentyne block, offshore Guyana, have discovered oil at the Wei-1 well, on the Corentyne block, approximately 200 kilometres offshore from Georgetown, Guyana. The joint venture has successfully finished drilling operations without any safety incidents and expects to release the drilling rig in early July, 2023.
The Wei-1 well encountered 210 feet of hydrocarbon-bearing sands in the Santonian horizon. The joint venture acquired wireline logs and extensive core samples from the Santonian, however, due to a tool failure downhole and a new tool not being available, oil samples were not obtained. The rock and fluid properties of the Santonian will now be analyzed by an independent third party laboratory over the next two to three months to define net pay and a basis for the evaluation of this interval.
The joint venture has updated its previously announced discovery in the Maastrichtian and Campanian intervals to 77 feet of net pay. Fluid samples were retrieved from the Campanian and Maastrichtian, indicating the presence of light crude in the Campanian and sweet medium crude oil in the Maastrichtian.
The joint venture's data acquisition program included wireline logging, MDT fluid samples and sidewall cores throughout the various intervals. Over the next few months, results will be integrated into the geologic and geophysical models to form an updated view of the entire northern portion of the Corentyne block. The northern portion of the Corentyne block includes the channel complexes discovered by the Kawa-1 and Wei-1 wells, and a prospective central channel complex, which is yet to be evaluated. The joint venture is excited by the definitive presence of oil in the Maastrichtian and Campanian, and the presence of hydrocarbons in the Santonian, and believes there is significant potential in the block
Frontera, CGX Energy find 210 feet of oil in Wei-1 well
2023-06-28 09:03 ET - News Release
Also News Release (C-OYL) CGX Energy Inc (2)
An anonymous director reports
CGX AND FRONTERA DISCOVER 210 FEET OF HYDROCARBON-BEARING SANDS IN THE SANTONIAN CONFIRMED BY WIRELINE LOGS AND EXTENSIVE CORE SAMPLES AT THE WEI-1 WELL, OFFSHORE GUYANA
CGX Energy Inc. and Frontera Energy Corp., the majority shareholder of CGX and joint venture partner of CGX in the petroleum prospecting licence for the Corentyne block, offshore Guyana, have discovered oil at the Wei-1 well, on the Corentyne block, approximately 200 kilometres offshore from Georgetown, Guyana. The joint venture has successfully finished drilling operations without any safety incidents and expects to release the drilling rig in early July, 2023.
The Wei-1 well encountered 210 feet of hydrocarbon-bearing sands in the Santonian horizon. The joint venture acquired wireline logs and extensive core samples from the Santonian, however, due to a tool failure downhole and a new tool not being available, oil samples were not obtained. The rock and fluid properties of the Santonian will now be analyzed by an independent third party laboratory over the next two to three months to define net pay and a basis for the evaluation of this interval.
The joint venture has updated its previously announced discovery in the Maastrichtian and Campanian intervals to 77 feet of net pay. Fluid samples were retrieved from the Campanian and Maastrichtian, indicating the presence of light crude in the Campanian and sweet medium crude oil in the Maastrichtian.
The joint venture's data acquisition program included wireline logging, MDT fluid samples and sidewall cores throughout the various intervals. Over the next few months, results will be integrated into the geologic and geophysical models to form an updated view of the entire northern portion of the Corentyne block. The northern portion of the Corentyne block includes the channel complexes discovered by the Kawa-1 and Wei-1 wells, and a prospective central channel complex, which is yet to be evaluated. The joint venture is excited by the definitive presence of oil in the Maastrichtian and Campanian, and the presence of hydrocarbons in the Santonian, and believes there is significant potential in the block