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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 westcanprideon Jul 27, 2024 12:57pm
191 Views
Post# 36151215

RE:Orinduik vs corentyne

RE:Orinduik vs corentyne

This is such a nonsense post. 

https://oilnow.gy/featured/totalenergies-qatarenergy-follow-tullows-exit-from-guyana-block/

a) Two super major companies, Qatar Energy and Total, recently exited the block. I highly doubt both companies would do that if they thought such massive upside potential existed. 

b) 200 million bbl of heavy oil versus 500-600 million bbl of light oil. Yeah such a wonderful comparison. 

c) LOL at the $10 million cash reserve. Yeah, that's really going to allow them to drill so many new wells. Such a moot point. Both companies need tons more before any wells are every drilled again. 

d) Hammerhead is light oil, not heavy. Least Cgx/FEC have light, high quality oil in Wei and Kawa and Exxon JV is drilling similar reservoirs at a tie-back distance in Staborek (Pluma, Haimara, bluefin) at a record pace right now. 

If your going to bash CGX, go for it. But don't make such lazy comparisons. Both wells on that block were drilled in 2019 (pretty much 5yrs ago), oil came in much heavier and two super major companies bailed. 
 

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