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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 Devanand1on Sep 29, 2023 9:33am
707 Views
Post# 35661332

Exxon

ExxonSo Exxon pulled out of Kaieteur Block, while at the same time is drilling Haimara and Bluefin. Both of these targets are close to Corentyne. I have had a look at the maps and it seems that both of these targets extend into the Corentyne block. Seems to me that CGX is getting two appraisals wells done for free( Haimara and Bluefin that extends into Corentyne). Question- Why would Exxon drill these targets that they know extends into the Coretyne block while at the same time releasing the Kaieteur block? They have to get their attention focused somewhere else and I think that I know where that is.
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