CGX Energy Inc V.OYL

Alternate Symbol(s): CGXEF

Energy Oil & Gas E&P

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

CGX Energy Inc > Timely Disclosure

<< Previous

Bullboard Posts

Next >>

Comment by Zibo510on Aug 19, 2024 6:54pm

196 Views

Post# 36186897

RE:RE:RE:RE:RE:RE:RE:RE:RE:RE:Timely Disclosure

I disagree, management dropped the ball by not flow testing either of these wells.

They claim to have 500m barrels of oil between both wells, yet they also say that further appraisal activity is needed to prove commerciality, had they spent a bit more money and done a DST, the question as to whether or not these wells are commercially viable would have been much more definitive.

Right now it appears potential partners don't agree with CGX'S assessment of these wells.

Hope I'm wrong but that's the way it looks to me.

<< Previous

Bullboard Posts

Next >>

Apolo IV Acquisition and Marviken Ontario sign merger agreement