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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 > Stormin
View:
Post by waitingstill on Mar 08, 2023 10:33am

Stormin

You are barking up the wrong tree if you are expecting AnMar to give you an informed and unconflicted honest answer. You can not project the speed of drill over the first 40 days to subsequent drilling speeds. The speed will greatly decrease as they get deeper due to the hardness of the rock and the depth of the drill. Also, as they hit targets, they will have to pull out of the hole to do wireline and also to place casing or liners which takes a lot of time. I expect another 40 days or so to hit target depth. Just an estimate of course.
Comment by stormin1 on Mar 08, 2023 10:44am
Thank you Sir, makes total sense!
Comment by Kelvin on Mar 08, 2023 12:28pm
Yes waitingstill. It's called the drillability of the rock. A good analogy would be drilling through wood or drilling through steel. For a given power input to the bit you'll drill more wood than steel. The drillability of rock decreases with depth. There are a number of reasons for it but generally deeper rock is more compacted and better cemented and thus harder to drill.