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Bullboard - Stock Discussion Forum 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... see more

TSXV:OYL - Post Discussion

CGX Energy Inc > I guessed right!
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Post by Dirksidetrack on Sep 24, 2021 9:30am

I guessed right!

I posted a couple of days ago that they were probably right above the Maastritchtian at 10,000 feet. They were actually at 9,900 feet. Anyway couple more weeks then Campanian hopefully. Here's the operational update taken from the Rights Offering info posted by Oil_Run.

On August 22, 2021, the Kawa-1 well was spudded. Downhole drilling operations have been without any significant issues and are on target. Since spud, the Joint venture has successfully run the 36-inch conductor and 22 and 18-inch casing strings. As of September 23, 2021, the well has achieved the planned casing point at a total depth of 9,900 feet (3,017.5 meters). The crews have successfully run and cemented the 18-inch casing which is the third of five planned casing strings and the well is now currently drilling the next hole section below the current last casing point. The well results thus far are consistent with the Joint Venture's pre-drill geological and geophysical expectations and formations are coming in on depth. The Joint Venture is looking forward to drilling and evaluating the upcoming well sections and maintaining safe and efficient operations. The Joint Venture expects the Kawa-1 well to reach total depth in the first half of December 2021.

Comment by oldcompanyman on Sep 25, 2021 8:53am
Hi Dirk, Yep, great guess on the depth. Most importantly, apparently they have even had time to set a 18" liner (the release says 18" casing but in all likelihood it's a liner) at that depth. I re-checked the time/depth curves for similar wells, this rig is running with top-quartile performance, no doubts about that. The few lines of that press release about their current position ...more  
Comment by Dirksidetrack on Sep 25, 2021 12:10pm
Yeah I used Jaguar1 offset public info that I posted a few weeks ago. CGX had 25% of that well and learned the "lessons learned" about bit selection, mud type and properties in order to drill these wells faater than the Jag drill.I figured 40% faster than the Jag drill because the team dilling Kawa is world class as you've pointed out.My calcs and yours proved to be right. You said ...more  
Comment by waitingstill on Sep 25, 2021 2:37pm
Okay you two smarty-pants (OCM and Dirk), what happens now?! ;) Great calls by both of you. I am impressed. Can you both provide insight into timing because they are already down 3000m in about 30 days. So 100m per day. But they are still quoting TD at early Dec which is at least 70-80 days. And TD is something like 6400m (I can not recall exactly). So timingdoes not make sense. Can you estimate ...more  
Comment by oldcompanyman on Sep 25, 2021 4:56pm
Hi Waitingstill, Their timing still does make sense because, as I believe I had written before, the current sections are being drilled fast but later on it will have to slow down. As a general outline, until the intermediate string (i.e; the 13-5/8" or potentially 14" by 13-5/8", in the highly unlikely case a full 14") is set, you can drill fast, because you are mostly going ...more  
Comment by ThosAquinas on Sep 30, 2021 3:02pm
Thanks OCM, your post is absolutely outstanding!
Comment by Dirksidetrack on Sep 25, 2021 4:59pm
Lol, Well I'm not so smart. I'll defer to OCM on timing since he has lots of West Africa experience and both West Africa and Guyana were once joined and part of an inland sea on the super-continent Pangaea. Just like the reef structures in Central Alberta were another inland sea about 300 million years ago located near the equator.If you google "29 October 2013 OQPC it will display a ...more  
Comment by Dirksidetrack on Sep 25, 2021 5:04pm
Correction - 29 October IPQC
Comment by Dirksidetrack on Sep 25, 2021 5:07pm
Correction again - 29 October IQPC sorry about that. Fat fingers and rum don't mix lol. Went to the beach today.
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