CGX Energy Inc V.OYL

Harel1976

[whyworry]

if half of the 600 is recoverable an fpso would be busy for several years.  If the reserves are indeed analogous to Liza, then probably longer.  Sounds pretty economical to me.

[Harel1976]

If another campaign will yield 300m boe i doubt if it will be developed. Out of 8 projects in this basin there is no project under 1 billion barrels and the high pressure in north corentyne makes it even less attractive..

[Kelvin]

It's not so much the high pressures that are a challenge, it's the pressure inversions in the Campanian that Kevin Lacey talked about in the fec/cgx May 2022 webinar that were a drilling challenge. And how do you complete something like that? Multizone completion I guess which is a very complex design. Anyway, my guess is that prospective buyers are sorting all of this out which is

[Harel1976]

the bottom line is that a 50m$ campenian-mastrichian wells in corentyne cost 80m$, thats the cost of deeper wells where projects are advanced only if the reserves are massive, thats not the case here even if future wells will meet the full estimates of 600m$. could be commercial, no doubt, but majors are looking for a ~30$ break even projects or as they call it "an advantaged barrels"

[Kelvin]

Harel, I'm trying to figure out how they can reliably value the field in the absence of flow tests. I've asked my network of friends who are far more technically adept than I am and the concesus is that flow tests are definitely required in order to prove up a field. I defer to greater knowledge and experience on this because I know close to zero about petrophysics and reservoir

[soulfire]

They can confirm flow and permeability from the samples they retrieved in the Mastrictian and Campanian. The Santonian is another story. I believe that's why they revised the Santonian from 210ft to 40ft. Kelvin have you bought any shares as yet? It's a very RISKY play, maybe more than you can tolerate, so many unknowns!

[Kelvin]

Soulfire, no I haven't bought any shares yet because I don't have enough info in order to base a rational decision.To me, this is far from being a dud. When they released, in Dec 2021 even before penetrating the Santonian on Kawa, the statement that they discovered an "active hydrocarbon system"  which for me is critical material info that was corraborated by subsequent Wei

[Harel1976]

When looking at a project you cant take only phase one, liza is a 1.2-1.4b recoverables.

[westcanpride]

Unfortunately Kelvin, you will never have any of that information you yearn from either CGX or FEC. So I guess you and your friends will never buy into CGX as a result. Thats fair. But let's be real... how many penny stock companies actually have all the material information dissolved? This is what makes them "amateur" in the first place. We are gamble on them to a degree with the

[Kelvin]

Wcp, I 100% agree with all that you wrote. Side note on Colombia. The steep discount on operators there is because of President Petro's oil royalty tax grabbing and anti- hydrocarbon policies. The same drag on sp in Canada because of twinkle toes in Ottawa. But Colombians, who gotta be about the fiercest people on the planet are sick of him. Their standards of living are going down because he&

[whyworry]

Harel1976, the Destiny fpso is producing 130k barrels/day from Liza phase 1 which is projected to yield 450mmstb, and has been described by Exxon as a "fairy tale" discovery.  Your statements re Corentyne and nearby 'projects' are not correct, and the size of adjacent fairy tale discoveries in no way sets the bar for economics.  Enough with the B S. 

[Harel1976]

And one more thing whyworry, 130k boopd is 45m boe per year, a fpso is designed for 35 years production not 10.. Try to be more modest before going offensive..