RE:RE:RE:Exxon’s lonewolf discovery for 2025: BluefinNo doubt about anything you said, but how in the world is this JV going to develop anything - they literally fumbled the bait and tackle shop? Frontera itself doesn't have anywhere close to enough money to develop this.
I've read and re-read the 1986 Act and the 2012 PSA, and I cannot even find the language "lapsed" in any of it. Everything I have read says the Government will provide notice of cancellation or termination.
No doubt the government is playing hardball.
Ironically enough, Catalyst/Gramercy have continued to take WI from CGX (understand why and the parameters), except the final 4.52% that has taken more than a year to transfer. Why has that taken so long?
Ironically, that awful NR in November 2023 of "net" pay, first time anywhere I've seen something like that. The government didnt' even revise their article here for net pay: https://petroleum.gov.gy/article/oil-discovery-corentyne-block-wei-1-well
Both share prices were crushed, ironically two weeks later FEC starts a NCIB - of which they got a liquidity opinion (from a bank) rather than a formal valuation (construed as an attest service)......does this sound familiar? Why wasn't the Wei-1 discovery priced into the 4.52% transfer? I mean GDA already controls ~95% of Corentyne.
Sometime in October 2024, OYL price happens to be 12c for a month, and ironically FEC transfers their shares to a Dutch BV at the lowest of low? Similarly the month prior, Tribukait leaves. Then in October, right after re-election, Zoback leaves. Four directors remain, all FEC stooges and non-independent. Who has the fiduciary to CGX shareholders if they're all compromised? This is got class action written all over it.
Fast forward to December 2024, another NR that is less than desirable, despite the last comms with the Government in late September....why so long? Guyana recess irrelevant, the port was approved, GDA used "safeguard" in the NOV 2024 FEC earnings call NR.
Who says GDA isn't crushing OYL on purpose to take nearly all of Corentyne for pennies? It's plausible that was his plan in November 2023 and the gov wouldn't allow it (citing the 4.52% that still hasnt' transferred). Is this what p*ssed the government off? Really, it could be anything, but this is all greasy and means there's a ton of oil down there. Within the ACT and Assignment clause of the PSA, Guyana doesn't have to transfer squat if they don't want to, ground are fairly wide open.
Being fair, I'm not so certain this is all on Jagdeo. Seems we're stuck between Wei-1 being both an exploration and appraisal well, is there a subsequent appraisal period or is it time to apply for a production license (how is this possible without more data, flow rates, etc.)?
Guyana definitely is a banana republic, but GDA isn't a peach here either. This all leads me to believe the banana boys, including political opposition that Jagdeo rails against in his 2 hour sessions, have common goals and vested interest somewhere along the line with CGX - how on earth has CGX survived this long if this isnt' true?
This video was in October 2023 at the Georgetown Chamber of Commerce. He talks about two discoveries, the relinquishment of all areas except the appraisal area. https://www.youtube.com/watch?v=mGW6P8GWaLI
This was their mention of Corentyne at the very same conference, got to be the same suit he's wearing:
https://oilnow.gy/featured/highly-likely-that-corentyne-block-could-be-in-production-by-2030-vickram/
Ironically, referencing the above videos, Guyana likely received lab reports from the JV outlining the pay zones and discoveries, so Bharrat goes to a conference and says this stuff, then on 9 NOV FEC/OYL says net pay is reduced? If true, why doesn't Bharrat revise the discovery literature on their government website?
Why didn't GDA participate in the FEC SIB - no SEDI filed? Others did, including Catalyst and Gramercy. SIB oddly priced at $12, which was the FEC price immediately prior to the "net pay" NR in NOV 2023.
No doubt this is a circus (du soleil), and I expect no information, response, or clarity, but I will not give up my shares.
All imo only.