We are all very disappointed with the way management is trying to cover something up. They are trying to explain the evaluation and interpretation of the samples and post drilling results. Either somebody who was working for the company misinterpreted data prior to drilling or during the reporting results on June 28, 2023. For instance, Paul Langlois (Exploration Manager) left the company for whichever reasons before the well results were finalized.
It appears that nobody cares about Frontera operations in other countries except in Guyana. For instance, we can take Eco Atlantic after drilling in Orinduik Block, as of February 2020, the estimates for the Orinduik Block had been further adjusted, reaching over 5.1 million barrels of oil equivalent. They also reported the oil found in the Jethro and Joe discoveries is heavy crude, with a specific gravity of 10-15 API and a high sulfur content. This type of heavy crude is more challenging to produce than lighter oils and is slightly better in quality than the extra-heavy crude from Venezuela's Orinoco belt or the tar sands from Canada's Alberta province.
What shocks me that when the CEO of Frontera Orlando Cabrales is reporting during the conference call according to Seeking Alpha.
“And we actually never -- I mean, we never intended to have a resource report at this point of the process, right? As you know, in Canada, regulations are very strict in terms of disclosing any numbers, which has to be evaluated by a third party through a specific methodology. So we never intended to do that. I mean, what we have been doing is analyzing all the data that we have, which was a significant amount of data. So it has taken longer than what we expected. But again, I mean, very excited about what we found, and look forward for the next step in this journey.”
I am wondering, does he know anything about the Oil & Gas business? Is he competent to be the CEO and on the board of directors?
Who is in the right mind set will be farming in or forming a JV when Orlando Cabrales doesn’t even think about evaluating current results by the reputable third party that is trusted in the Oil & Gas industry?
Orlando Cabrales (Houlihan Lokey)
Yes. And on your question about the -- what we are thinking in terms of the Houlihan Lokey engagement, I think the first thing that I would reiterate is that we remain very excited about the results. As I said in my remarks, the result in the Maastrichtian demonstrate the potential for stand-alone shallow oil resource development in the block. So we remain very excited about that.
And the fact that we engaged Houlihan Lokey, which is a leading investment bank, to look for strategic options, including a potential farm-down, is indicative of that excitement based on the results that we have. We are getting ready in preparations for launching a potential process. But I wouldn't say any more on that, given that we are doing preparation for that.
We were all excited about the Wei-1 and Kawa-1 results until yesterday. This excitement about the Houlihan Lokey opportunity can disappear at any time. I wouldn’t be surprised if this company was brought in to take the heat off the report and the missing 170 feet of hydrocarbon-bearing sands in the confirmed Santonian on June 28, 2023.
CGX and Frontera Discover 210 Feet of Hydrocarbon-Bearing Sands in the Santonian Confirmed
By Wireline Logs and Extensive Core Samples at the Wei-1 Well, Offshore Guyana