CGX Energy Inc V.OYL

More of the same

[Harel1976]

https://oilnow.gy/featured/frontera-says-it-already-sunk-us400m-into-two-guyana-wells-us40m-on-cgx-port-facility/

This is how it looks just before you cant afford to keep your commitments..

[westcanpride]

$400MM USD (~$500MM CAD) too drill two wells. As hyped as the drilling team was pre-Kawa, they failed in their jobs. I know lots of people have connections to folks who drilled these two wells, but they didn't do a good job. Over-budget significantly, and even worse, lack of direct fluid data over key zones which has resulted in tremendous investor uncertainty. I know this money could be

[soulfire]

It's all on Suresh, he did not raise enough funds.... once again he let FEC get the better of him. Drilling is not an exact science, there has to be contingencies, our MORON at the helm did not cater for these uncertainties. I don't blame the drilling engineers. A tool got stuck and had a malfunctioning one to deal with, that's why they did not get samples. Happens all of the time from

[Schreibzey]

I recently went back to 2013ish and read the agreement where Pacific Rubiales loaned money to Suresh and CGX last time they had no money. For the record, Pacific Rubiales became Pacific Exploration and Production in 2015 (name change), then Frontera Energy in 2017 with Catalyst coming into the picture. It was something like 35% of the shares for some amount of money that is largely irrelevant now.

[soulfire]

Maybe we should post a front page article in one of the local newspapers in Guyana detailing this cozy relationship between these board members. That should catch their attention as well as the Minister of Natural Resources and just maybe the President himself.

[westcanpride]

I agree he negotiated poorly. Who was giving him advice though? We hired these guys like Lacy, Stockinger, Durkee with years of experience under their belts. Did these guys just sit around like bums and not offer any advice? I highly doubt it. It be like if CGX drilled a duster and then blaming it solely on Suresh... he didn't pick the drilling locations and instead he listened to what others

[soulfire]

WCP had Suresh been experienced in OIL and GAS he would have known there needs to be contingencies. Fact is, they did not drill a duster, just the opposite. The sidetrack was due to a stuck tool, happens all the time, fluid samples not being retrieved has to do with a faulty tool Schlumberger supplied, how is that on the drilling engineers? This is politics, it's being played out right in

[westcanpride]

So in other words, everyone else in the company gets a free pass? Any problems and it falls solely on the CEO?  I don't buy this: in all companies, executives take advice from the staff beneath them and trust their recommendations. Obviously experience would help Suresh (as clearly he is not good at his job) but let's not pretend that these other highly paid bums aren't also to

[Strawboss1]

In all my time being invested in this company they all ways down play any good news and just love to post bad news and even dramatize it, Case in point Sureshs latest address, this is just so plain to see.They are liars and that is being kind. YUP

[Strawboss1]

You have to wonder if they are really as crooked as they appear. or its a major lack of intelligence . They talk about their questionable financing options on getting funds to build the port on one hand, then they are  contemplating drilling a third well on correntine on the other hand. That sounds like an intelligent move to me. It looks like they really have a handle on the situation.One