Join today and have your say! It’s FREE!

Become a member today, It's free!

We will not release or resell your information to third parties without your permission.
Please Try Again
{{ error }}
By providing my email, I consent to receiving investment related electronic messages from Stockhouse.

or

Sign In

Please Try Again
{{ error }}
Password Hint : {{passwordHint}}
Forgot Password?

or

Please Try Again {{ error }}

Send my password

SUCCESS
An email was sent with password retrieval instructions. Please go to the link in the email message to retrieve your password.

Become a member today, It's free!

We will not release or resell your information to third parties without your permission.
Quote  |  Bullboard  |  News  |  Opinion  |  Profile  |  Peers  |  Filings  |  Financials  |  Options  |  Price History  |  Ratios  |  Ownership  |  Insiders  |  Valuation

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 > UST IN: Exxon’s 3rd well at Canje Block fails to deliver com
View:
Post by Devanand1 on Oct 29, 2021 10:49pm

UST IN: Exxon’s 3rd well at Canje Block fails to deliver com

ExxonMobil has failed to encounter commercial crude at its third well on the Canje Block offshore Guyana – Sapote-1, drilled by the Stena DrillMax. The well was drilled in 2,549 meters (8,362 feet) of water and safely reached a total depth of 6,758 meters (22,172 feet).

JHI Associates, a partner on the block, said while there were no hydrocarbons in the primary exploration objective, the well did record hydrocarbon shows while drilling and logging in a deeper sequence.

Although proven elsewhere in the Guyana-Suriname Basin, this is the first time these reservoir targets have been encountered in the Canje Block. JHI said it believes this finding provides additional exploration potential across its significant acreage position.

When contacted, ExxonMobil Guyana Media and Communication Manager, Janelle Persaud, said Sapote-1, has confirmed the Canje Block partners’ seismic interpretation of the geology and shown evidence of non-commercial hydrocarbons. “Geologic risk is inherent to frontier oil and gas exploration activities. Every well in frontier oil and gas exploration provides invaluable data to inform future activities,” Persaud said. “We will continue to leverage our deepwater expertise and advanced technology to explore frontier environments with the highest value resource potential.”

Sapote-1 follows similar results for Exxon at Jabillo and Bulletwood on the Canje Block, and Tanager at the Kaieteur Block, making Stabroek the only license where massive volumes of commercial crude have so far been found.

In addition to Logging While Drilling (LWD) measurements conducted during the drilling of Sapote, Wireline Logs (WL) were run, and numerous Rotary Sidewall Cores (RSWC) have been collected.  Analysis of this data will provide details about reservoir properties, including porosity and permeability, and information on the hydrocarbons’ properties that may be present in core samples.

JHI said the partners will continue to incorporate the data and analysis from Sapote-1 and the rest of the 2021 drilling campaign into future exploration planning and overall strategy for the Canje Block.

“Everyone at JHI is grateful that operations at Sapote-1 have concluded safely.  We want to thank our Operator, ExxonMobil, our partners TotalEnergies and Mid-Atlantic Oil & Gas, Inc., the drilling contractor Stena, and all the sub-contractors working on this well,” said John Cullen, CEO.

ExxonMobil Guyana (35%), a subsidiary of ExxonMobil Corporation, operates the Canje Block on behalf of partners TotalEnergies E&P Guyana, BV (35%), JHI (17.5%), and Mid-Atlantic Oil & Gas, Inc. (12.5%).

Comment by Goldrush97 on Oct 29, 2021 10:57pm
Damm no luck for Exxon outside Stabroek block. I think it's like 3 dry holes in canjie and 1 uncommercial well in kaieteur block.
Comment by Harel1976 on Oct 30, 2021 5:26am
That shows how risky is the exploration game.. 12 more canje wells in the next 3 years, on to the next..
Comment by Dirksidetrack on Oct 30, 2021 9:07am
Ya but lots of luck for Apache, Total outside Stabroek block.
Comment by Dirksidetrack on Oct 30, 2021 8:02am
Cullen (JHI), Dookie (Mid Atlantic) were the original founders of CGX. That must be some really tricky geology. They still can't definitely say that a given seismic signal means a definite thing. The same signal could be produced by many things. They can't interpret a signal to mean only one thing because they need to actually drill to find out what produced that signal. So it stands to ...more  
Comment by CLOUDER on Oct 30, 2021 11:49am
CGX NO SLOUCHES?  they have never hit yet,  they are finally in the best spot for a hit now,but it is still ON the continental shelf,  EXXONS are all OFF the continental shelf. APACHE`s are OFF the continental shelf, ALL the hits are OFF the continental shelf, so  an  added  risk here.                         ...more  
Comment by Dirksidetrack on Oct 30, 2021 2:46pm
Geez now I'm confused. CGX not drilling sedimentary rock of the same depositional age as Exxon discoveries? OK whatever.
Comment by dragonfly454 on Oct 30, 2021 6:48pm
Clouder that's the most sense you would have spoken in a long time ..however you missing a few other things ..Emorsp that's negative programming ..as long as you don't "wake up" spooning with the Cumulo Nimbus in Kissimmee you will be just fine..lol
Comment by Ermosp on Oct 30, 2021 3:17pm
Good antidote for the permabulls on this stock who act like 60% CoS is 100%. I do get caughts in my flights of fancy imaging this 5x or more, but I'm finding it healthier to plan for waking up to a 70% SP drop. Then I'll be surprised if we get the find we want.
The Market Update
{{currentVideo.title}} {{currentVideo.relativeTime}}
< Previous bulletin
Next bulletin >

At the Bell logo
A daily snapshot of everything
from market open to close.

{{currentVideo.companyName}}
{{currentVideo.intervieweeName}}{{currentVideo.intervieweeTitle}}
< Previous
Next >
Dealroom for high-potential pre-IPO opportunities