CGX Energy Inc V.OYL

CGX & Kawa-1 Well

[BoDidley5656]

Some math quoted is quite worrying.  After 30 years drilling these type of wells the day rate full spread is at least $850k/day.  We are at or about day 120 so thats $102mm.  When well is done, rig demobed and all delay/standby equipment paid for the well will be $115mm+.   As a reminder ched the July and August CGX press releases - all public info syaing 85 day well and cost of 85mm.

[Dirksidetrack]

Yep BoDidley. Back ten years ago when I was working mud, the company men on deep water wells were making around $2000 USD per day. Most of us service folk were half that. Rig crew high paid as well. You're probably looking at $100,000 per day just in day rate.

[RightAngle45]

CGX Press Release Aug 23   This is the time line they posted the day they spud kawa.??? And this is where we are this week 

[AnMar]

This needed to be repeated, because this is exactly how I see it. Thanks for the post BoDidley. Like I said, this is starting to look expensive and may also be one of the reasons some more risk-averse folks are dumping. I believe the max budget was expected to be no more than $90M and it may likely be headed up to $100M plus. Is this another Jaguar? Yikes. JDC & Prospector better dump it all

[Ermosp]

If they found oil, the overage on cost is not a worry If they didn't we are screwed anyway. Maybe it will force them into a JV that will let us recoup cost