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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 > Disappointment at Suriname’s Block 58 as Keskesi fails to de
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Post by Devanand1 on Sep 30, 2021 5:39am

Disappointment at Suriname’s Block 58 as Keskesi fails to de

APA Corporation announced on Wednesday the results from appraisal drilling at Keskesi South-1 on Block 58 offshore Suriname. APA Suriname holds a 50% working interest in the block, with TotalEnergies, the operator, holding a 50% working interest.

Keskesi South-1, drilled approximately 6.2 kilometers from the discovery well Keskesi East-1, encountered non-commercial quantities of hydrocarbons and the well has been plugged and abandoned.

“The first appraisal well at Keskesi was a substantial step-out designed to assess the southern extent of the feature,” said Tracey K. Henderson, APA’s senior vice president, Exploration. “This location had the potential to confirm a very large resource in place if connected to the reservoir sands in the discovery well. However, suitable reservoir quality sands were not developed in the Campanian target at the Keskesi South-1 location. Data gathered from the well will be used to calibrate our geologic model and inform the next steps for Keskesi appraisal.”

The Maersk Developer has moved to the Sapakara South-1 well, where it will conduct a flow test of the previously announced appraisal success. Following the completion of the Sapakara South-1 flow test, the exploration program will continue with the spud of the next exploration well targeting the Krabdagoe prospect just to the east of Keskesi. The Maersk Valiant is currently drilling Bonboni, the first exploration prospect in the northern portion of Block 58. Both rigs are operated by TotalEnergies.

Block 58 encompasses 1.4 million acres and is in the early phases of exploration and appraisal. APA has participated in four exploration discoveries and one appraisal success offshore Suriname in the past two years.

In addition to its 50% working interest on Block 58, the company also holds a 45% working interest in Block 53, where it plans to drill an exploration well in 2022.

Comment by westcanpride on Sep 30, 2021 2:03pm
Thank you for posting Devanand1. I am not shocked, however, no one wants to discuss the implicatons of this well. It was actually drilled closer to the original discovery well (6km) than the distance of Kawa-1 to Maka-1 (~11km).  Imagine if CGX had rights to the Keskesi South-1 well and that was our well... everyone on this board would be praising management for being genuises and not ...more  
Comment by soulfire on Sep 30, 2021 2:31pm
WCP thank you for being the expert on (geology and the complexiities of stratigraphic traps) You know so much and yet you bought into CGX given the risks and lousy management.  For most of us longs it's a love/hate relationship. Most longs got caught by lousy management but still believed in the prospects. Look at what EXXON has uncovered? I think is you were an EXXON shareholder you ...more  
Comment by Gassy166 on Sep 30, 2021 4:14pm
Thanks for your views WCP, where does Kawa-1 lie in relation to both the Exxon hits as well as the total misses?
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