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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 westcanprideon Nov 15, 2023 4:51pm
376 Views
Post# 35737871

Gulf of Mexico permeability

Gulf of Mexico permeability

I spoke with a good contact of mine who works Gulf of Mexico plays. Operators today are now targeting thinner bedded silstone/very fine grain sandstone successions with permeabilities well below 100mD at depths of over 20,000 ft (Wei for comparison was 20,450 ft TVD). The era of only targeting massive bedded sandstones with permeabilities between 500mD-1000 mD are over in basins such as Gulf of Mexico. Companies have out of necessity become more agile and creative with being able to produce lower permeable/thinner bedded oil reservoirs! 

Exxon JV obviously will target these massive bedded sandstones first in their Guyana plays... who wouldn't? But for northern Coreyne, these Santonian successions that are being "written off" by Frontera/CGX due to "lower permeability" is just nonsense. Someone will gladly buy these assets are bargain sale prices and make a killing one day... perhaps more than anything this crushes me to see. We should be getting full value for these oil successions in the Santonian and we aren't. Crinimal really... and if this is purely a ploy (still very possible) to manipulate share prices lower for accumulation purposes, then someone needs to be investigated and charged. Either way, this whole situation is just pure nonsense right now. 

If offshore mature basins like GoM and North Sea can produce from lower permeable successions, sure as hell Guyana can as well. Please, if anyone on CGX/Frontera is reading this and has a functioning brain stem, please reconsider the tremendous folly currently unfolding. 

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