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CGX Energy Inc. (OYL.V)

TSXV - TSXV Real Time Price. Currency in CAD
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0.96000.0000 (0.00%)
As of 02:20PM EDT. Market open.
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  • R
    Righteous
    they should have at least farmed out for cash or a free ride, instead of giving it up. very disappointing
  • t
    twig
    What is the status of the Port?
  • t
    twig
    From the looks of the stock prices. Wondering do they have the cash to drill and are they going to produce oil or gas if they do find anything.
  • T
    TP
    So can we expect any more news on this , besides 2nd well results in November?
  • t
    twig
    Excellent presentation at site. Second well will be done by November. Wont have to wait long. to get more information. I hope it does continue down Great buy.
  • J
    James
    EXXON = sell
  • w
    wildestone
    Could be a duster. Discovery but. No bottom hole pressure, no open choke 12 hour or 24 hour flow rate. with no production estimate anybody and thier dolphin can find hydrocarbons. But. Is thier oil and how much?
  • V
    Virgil
    GX Energy (TSXV: OYL) this morning released slightly more details on its Kawa-1 well, which was drilled off shore of Guyana. The well was the first such well drilled on the Corentyne Block under a joint venture with Frontera Energy (TSX: FEC).

    Initial results on the well were first released on January 31, wherein the company indicated it drilled to a total depth of 6,578 metres. Drilling was conducted on the northern portion of the Corentyne Block, targeting the Campanian and Santonian channel/lobe complex.

    At the time the firm announced that it had hit approximately 54 metres, or 177 feet, of hydrocarbon-bearing reservoirs. At the time, net pay data was not provided, with further testing required. This morning however the firm announced that after conducting “early-stage” wireline logging, the firm has confirmed prior indications from the property, reporting a total of 200 feet of net pay at multiple depths throughout the well.

    Further logging and sampling is said to be ongoing.

    As a result of the success seen by the venture, the duo is reportedly focusing solely on the Corentyne block, and no longer plans to conduct drilling activities on the Demerara block this year as previously planned. Further, the firm reported it is “currently in engaged in discussions with the Government of Guyana” in relation to the Demerara block, however details on what these discussions relate to specifically were not provided.
  • S
    Stock guru
    will go below 1 dollar
  • e
    eddie1
    A spokesperson for CGX Energy says a notice published by Guyana’s Maritime Administration Department (MARAD) last week stating that demobilization of exploration drilling operations at the Corentyne Block is underway, is inaccurate, since the drill campaign at its Kawa-1 prospect is still ongoing.

    Based on the MARAD notification, OilNOW reported on Sunday that demobilization activities were underway at the well site located approximately 90 nautical miles (167 kilometers) offshore Guyana covering an area of 4.7 square nautical miles (16.25 square kilometre).

    But the CGX spokesperson told OilNOW on Sunday that no demobilization activities have started on the block since drilling operations continue.

    “Contrary to your article of 26th December 2021, drilling activities continue on the Kawa-1 Well. There are currently no demobilization activities underway,” stated Daniel Turpin.

    MARAD routinely publishes notices advising mariners of drilling operations offshore Guyana. An official familiar with the process told OilNOW these notices are usually based on information provided by the vessels and companies themselves, which are operating offshore.

    The sixth-generation semi-submersible drilling rig Maersk Discoverer spudded the Kawa-1 well on August 22.

    CGX said just over a week ago that the drill campaign is taking longer than originally forecast and costs are therefore projected to increase. It was originally reported to cost approximately US$80M. But the current cost estimate of the Kawa-1 well is now pegged at approximately US$115-$125 million.

    Kawa-1 is targeting Campanian and Santonian stacked sandstone reservoirs, analogous to the discoveries on Block 58 in Suriname and potential deeper discoveries in the Stabroek block offshore Guyana.
  • S
    Sizzlenasty
    it's not a matter of IF but WHEN....pulled the insider information from SEDI.

    Shares Outstanding = 287.6 MM
    Shares Insider Owned = 228.8 MM (79.6%)
    VERY LOW FLOAT = 58.8 MM shares

    Key Insiders:
    Frontera Energy = 212,392,155
    Japan Drilling Co = 14,626,264
    Gabriel De Alba = 1,500,000
    Suresh Narine = 325,000
  • B
    B Chernick
    I suspect they had planned a news release after today's close but they halted trading because the run up indicated a leak.
  • V
    Virgil
    NEWS ARE GOOD :

    "GEORGETOWN, Guyana/HOUSTON, Feb 16 (Reuters) - Canada-based oil company CGX Energy will begin dredging and building the docks of a key deepwater port at Berbice, in eastern Guyana, planned to serve the South American nation's oil and agriculture sectors, the firm's chairman said on Wednesday.

    CGX Energy unit Grand Canal Industrial Estates in 2010 acquired a 50-year lease for a 55-acre parcel strategically located near the Barbice River for the project. When complete, it would become Guyana's third oil port and its only deepwater facility.

    "The construction of docks and dredging will begin very shortly," said CGX Energy Co-Chairman Suresh Narine. "The works onshore are well advanced," he said, noting a skilled workforce has been hired for building the port.

    Contractors are being selected, a process to be followed by construction of onshore buildings. "We are targeting the end of 2022 for the operation of the offshore supply base component of the port," he said.

    The port will mainly serve the oil and gas industry by supplying equipment, fuel, cement, water and power. But it also will have a portion dedicated to agricultural exports, whose production is rapidly expanding in that region of Guyana, and other areas for container ships, cruise ships and specialized cargo.

    The facility, which could serve neighboring Suriname, also plans to accommodate imports and exports of agricultural goods transported from Brazil after a road connecting both nations is completed.

    Besides the port project, CGX Energy and its parent company Frontera Energy are drilling for oil in Guyana's offshore Corentyne block, where they announced a discovery of oil and gas resources yet to be measured. (Reporting by Sabrina Valle in Georgetown, Guyana, and Marianna Parraga in Houston Editing by Matthew Lewis)"
  • e
    eddie1
    Tralisa Maraj, the Company's Chief Financial Officer ("CFO"), is leaving CGX effective immediately. Suggests that she was fired!! Reasons are as follows: insider trading causing harm to shareholders trust and confidence; releasing info in Q3 earnings report via forward looking statements of WEI-1. Frontera group was shocked of the mention WEI-1 that led to the last straw for her. GOOD RIDDANCE!!! This move helps rebuilds shareholder relationships. Her options to CGX generally are now nil and void as she left company.
  • T
    Thedude
    Anyone have an idea of when we may see an accurate estimate of recoverable oil?
  • e
    eddie1
    Building on its recent offshore positive results at the Kawa-1 exploration well, the Joint Venture anticipates spudding its second commitment well, called Wei-1, in the northwestern part of the Corentyne block in the second half of 2022.

    The Joint Venture has exercised its option to use the Maersk Discoverer semi-submersible mobile drilling rig for the Wei-1 well. This is an important step from a health and safety, efficiency, and operational perspective and will maintain continuity in the exploration program during a period of high demand in the region and consistency in working with a team familiar with the rig.

    The Wei-1 exploration well will target Campanian and Santonian aged stacked channels in the western fan complex in the northern section of the Corentyne block. The Wei-1 well is named after one of the tallest peaks in the Pakaraima mountain range, which has commanding visibility over the surrounding terrain. Wei Tepu was historically used as a sentinel post by the Patamona People to guard against attacks.
  • C
    Christine
    Thank you management for the update! All the market needed was a little PR!
  • B
    Braxton
    Anyone have any opinions as to whether this stock will show some pull-back soon? Or is this a rocket until results (hopefully afterwards, as well)?
  • M
    Michael
    Hi all, bit new to CGX and heard about it in a post in another board so thought I'd come on here and check out what it's about.

    What kind of potential has the company got / where do people see the share price going on this one? Is now a good time to invest or is it too late?

    Any Recon investors on here and if so, are there any similarities in terms of potential etc.