CGX Energy Inc V.OYL

Waiting Game

[Miftee9]

I think I have gone from desperately wanting a news release to not wanting a news release until .  mid February.  They are significantly overbudget.  If they miss, whether they are $50M  or $75M overbudget, is likely going to have little impact on the future of CGX.  Therefore, I believe the longer they have the rig the better it is for a positive news release.  Thoughts?

[Nergy]

Frankly I can't understand how they could go on spending 5 MUSD+/week without updating the market how to finance it. It should be public information...

[Ebenizer3]

yeah hopefully by the end of next week we at least hear that they release the rig followed by a halt while they bang out details of a jv. but God only knows. Good day and Good luck.

[tiger77]

I blasted CGX Investor relations today via email.  I know they want to talk about material information this and that before they release but it's material to us to know the costs, how we are going to pay for them, when, licenses, extensions etc etc etc. I really hope they listen and provide a NR that updates as much as they can. Still holding and not going anywhere till the results but

[Miftee9]

So, you would like them to come out and say we are $50M overbudget and we are going to have to do an equity raise to pay for it?  An announcement like this will likely kill the share price like it did last time.  What if they are negotiating a JV?  For now, we know FEC is fronting the money.  If they hit, it wont matter cause a JV or buyout is imminent.  If they miss,

[scott01]

many longs are in it at a higher costs too. Some of us need a 300 percent rise after hitting saltwater on the last hole. This drill program is starting to resemble the last imo

[RightAngle45]

I definately would like to see a news release ASAP.   However its my belief or my HOPE, that at this junction that this almost double of the budget and the time frame nearing double that its because of testing and coring of multiple positive zones. Coring is a slow process especially at that depth. I doubt very much that it is due to mechanical failures. And as far as operational issues

[Ebenizer3]

well who ever put together the AFE apparently didn't expect Xtra coring and testing if that's the reason. just seems like it took a good amount of time just to get to h19, again my first thought is h19 was better than expected. Good day

[Ermosp]

I mean the other possible reason for delay is drilling is much tougher than expected.