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CGX Oil Drilling Further Deferred
Posted By Stabroek editor On December 21, 2011 In Breaking News |

Canadian oil explorer CGX Energy Inc today announced that the Government of Guyana has granted it a deferral for drilling of the Eagle-1 well offshore Guyana on the Company’s Corentyne Petroleum Prospecting Licence (the “Corentyne PPL”).

A statement from CGX said that the deferral provides for the remaining minimum work programme of the drilling of two exploration wells to be completed by June 24, 2013. CGX has a 100% working interest in the Corentyne PPL.

Stephen Hermeston, President and CEO of CGX stated in the release, “We are very pleased to have received this deferral. As announced in our press release of November 29th, CGX Resources has contracted the Ocean Saratoga semi-submersible rig to drill the Eagle-1 well. The Ocean Saratoga is finalizing a work-over in the Gulf of Mexico and will be available early January for mobilization to the Guyana Suriname basin. We are looking forward to announcing the commencement of drilling for this well.”

CGX had initially expected to drill these two wells this year.

CGX has had the Eagle-1 well in its sights since 2000. In that year its rig was chased off the site by Suriname patrol boats. A ruling by the Hamburg, Germany-based International Tribunal for the Law of the Sea subsequently ruled that the location was within Guyana’s waters.

Since then there has been deepening interest in the area offshore the Guianas. The Guyana/Suriname Basin is now ranked second in the world for oil and gas prospectivity by the United States Geological Service.

Oil explorer Tullow recently made a major find off of French Guiana.

“The company (CGX) will be drilling two highly prospective wells offshore Guyana — the Eagle-1 well that will appraise the Eocene and Maastrichtian geologic formations to an anticipated total depth of 4,300 metres and the Jaguar-1 well which will appraise the Turonian geologic formation to an anticipated depth of 6,500 metres. Our 100% Eagle-1 well is anticipated to take approximately 60 days to drill. The Jaguar-1 well, located on the Georgetown PPL, in which CGX has a 25% interest with partners Repsol Exploracion S.A (operator), YPF Guyana Limited and Tullow Guyana BV, will be drilled by the Atwood Beacon jackup rig as soon as it completes drilling for Inpex Corporation offshore Suriname. This drilling will mark the fruition of years of evaluation, preparation and cooperation between CGX and the Guyana Government and the onset of evaluating the petroleum potential of this highly prospective basin,” Hermeston was quoted as saying in a statement on November 29.

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At this rate, Guyana's oil future will have to wait another generation.

The big question:
How is it in GUYANA'S (vs. 'local' private parties') interest to have an undercapitalized outfit like CGX with little expertise and NO technology holding ALL the high cards in something of such national importance??! . . . even when the company has demonstrated time and again that it is not even in the game when it comes to deep offshore exploration.

Fip Motilall comes to mind . . . crime and more crime!
quote:
Originally posted by Kari:
Dunce doesn't even begin to describe your stupid comments.

hmmm . . . who's being naive?

Maybe if you scratched a bit below the surface and stopped being such a chump cheerleader when fancy presentations are rolled out for the ignorant and underinformed . . . maybe, just maybe, you and your cohort would have seen Fip Motilall coming!
quote:
Originally posted by Kari:
Dunce doesn't even begin to describe your stupid comments.

The man makes a very valid point. As we all know by now, Jagdeo only signed agreements with third parties who could provide large sums of bribes. No experience was required to show that the winning contractor could do the job.
We need money to build up Guyana. I am fed up of all these thieves who just want to take the very little we have, but do not want to speed up the development of the country. CGX are clearly a bunch of bandits who are also extremely incompetent. The typical Jagdeo's partners. Tamotar should have terminated the contract with them and look for a real expert to drill those test holes.
quote:
Originally posted by Mr.T:
quote:
Originally posted by Kari:
Dunce doesn't even begin to describe your stupid comments.

The man makes a very valid point. As we all know by now, Jagdeo only signed agreements with third parties who could provide large sums of bribes. No experience was required to show that the winning contractor could do the job.
We need money to build up Guyana. I am fed up of all these thieves who just want to take the very little we have, but do not want to speed up the development of the country. CGX are clearly a bunch of bandits who are also extremely incompetent. The typical Jagdeo's partners. Tamotar should have terminated the contract with them and look for a real expert to drill those test holes.



T-bone, you obviously have not done your research on CGX, so you must be speaking of CGX thru yuh bamzee......
It is absolutely good news that an extension was granted. They are expecting to drill Eagle shallow and eagle Deep. Without the extension, it would have been challenging for them. In addition, they should be spudding the georgetown bloc sometime this week.
When CGX got their licences, the Guyana/ Suriname basin was unproven. Now, it is recognized as a proven basin because of the recent finds in the area.

quote:
Originally posted by redux:
At this rate, Guyana's oil future will have to wait another generation.

The big question:
How is it in GUYANA'S (vs. 'local' private parties') interest to have an undercapitalized outfit like CGX with little expertise and NO technology holding ALL the high cards in something of such national importance??! . . . even when the company has demonstrated time and again that it is not even in the game when it comes to deep offshore exploration.

Fip Motilall comes to mind . . . crime and more crime!
Don't think so. I have met Stephen on many occassions and I am quite satisfied that the company is now on the right track and is working as fast as they possibly can, given the nature of the oil business as well as the infrastructure of the country.

quote:
Originally posted by redux:
At this rate, Guyana's oil future will have to wait another generation.

The big question:
How is it in GUYANA'S (vs. 'local' private parties') interest to have an undercapitalized outfit like CGX with little expertise and NO technology holding ALL the high cards in something of such national importance??! . . . even when the company has demonstrated time and again that it is not even in the game when it comes to deep offshore exploration.

Fip Motilall comes to mind . . . crime and more crime!
quote:
Originally posted by Kari:
quote:
Originally posted by Mr.T:
quote:
Originally posted by Kari:
Dunce doesn't even begin to describe your stupid comments.

The man makes a very valid point. As we all know by now, Jagdeo only signed agreements with third parties who could provide large sums of bribes. No experience was required to show that the winning contractor could do the job.
We need money to build up Guyana. I am fed up of all these thieves who just want to take the very little we have, but do not want to speed up the development of the country. CGX are clearly a bunch of bandits who are also extremely incompetent. The typical Jagdeo's partners. Tamotar should have terminated the contract with them and look for a real expert to drill those test holes.



T-bone, you obviously have not done your research on CGX, so you must be speaking of CGX thru yuh bamzee......


belnah

T, when the last you went to Guyana? Big Grin

Has to be decades ago, when the country was bankrupt and in a decaying state.

.
quote:
Originally posted by Billy Ram Balgobin:
I can see in my crystal ball the ancient county soon becoming the Oil County.

Drill Baby Drill.

Does the term "glorified middleman" mean anything to all you silly folk in the rah rah crowd.

Chew on that, and maybe you will understand why an oil 'company' that had never drilled a hole was handed the choice bits of Guyana's petroleum real estate.

Oh yeah, I know, I know . . . the Guyana basin was "unproven" then, and no one was interested (shades of Fip Motilall past), blah blah blah, . . . but what is the excuse now? Note:

"The Guyana/Suriname Basin is now ranked second in the world for oil and gas prospectivity by the United States Geological Service."

The Licence(s) should have been pulled long ago (for cause) from CGX and given to a real oil company . . .
quote:
Originally posted by asj:
quote:
Originally posted by Kari:
quote:
Originally posted by Mr.T:
quote:
Originally posted by Kari:
Dunce doesn't even begin to describe your stupid comments.

The man makes a very valid point. As we all know by now, Jagdeo only signed agreements with third parties who could provide large sums of bribes. No experience was required to show that the winning contractor could do the job.
We need money to build up Guyana. I am fed up of all these thieves who just want to take the very little we have, but do not want to speed up the development of the country. CGX are clearly a bunch of bandits who are also extremely incompetent. The typical Jagdeo's partners. Tamotar should have terminated the contract with them and look for a real expert to drill those test holes.



T-bone, you obviously have not done your research on CGX, so you must be speaking of CGX thru yuh bamzee......


belnah

T, when the last you went to Guyana? Big Grin

Has to be decades ago, when the country was bankrupt and in a decaying state.

SINCE THEN GY


IS IS STILL THE POOREST IN THE ENGLISH SPEAKING CARIBBEAN AND SOUTH AMERICA

THE SECOND POOREST IN THE WESTERN HEMISPHERE

THE MOST CORRUPT IN THE ENGLISH SPEAKING CARIBBEAN

THE SECOND MOST CORRUPT IN THE CARIBBEAN AND SOUTH AMERICA

DRUG HAVEN

DRUG TRANSIST POINT

DRUG PROCEEDS BECAME PART OF THE GDP

AND THAT IS JUST THE TIP OF THE ICEBERG


ALL UNDER THE PPP



.
Kari,

We've argued on this topic many years ago and I know you have ties to the founder and CEO of CGX but let's face the facts.

CGX is a mom and pop shop. They haven't been profitable in 3 years.

Need I say more? They are incapable like FIP of accomplishing the task. Have they even acquired an offshore drilling rig yet ... 5 years later?
I wonder if the repeated delays have anything to do with one of the major shareholders of CGX being from a neigbouring country that is also involved in oil search... just a thought.
quote:
Originally posted by Dhall:
I would advise you to visit the company website and educate youself on the company as well as learn a little about the oil business. Smile



If the PPP was that bad you would not have had the opportunity to pour your out guts and all that's inside it on this page...
quote:
Originally posted by Dhall:
I would advise you to visit the company website and educate youself on the company as well as learn a little about the oil business. Smile

I know more about the oil business AND CGX than most of the people on this board . . . you included.

BTW, visiting the company website is the due diligence of morons.
quote:
Originally posted by Jupiter:
quote:
Originally posted by Dhall:
I would advise you to visit the company website and educate youself on the company as well as learn a little about the oil business. Smile



If the PPP was that bad you would not have had the opportunity to pour your out guts and all that's inside it on this page...


Sorry, the above comment is intended for "Pointblank"
CGX is incapable of accomplishing the task. But guyanese reward incompetence.

Look at the company's books. I say after operating at a loss for three years it's no longer a business it becomes a hobby. Isn't that what the IRS tells you when you try to deduct money and haven't been profitable for years?
quote:
Originally posted by Jupiter:
quote:
Originally posted by Jupiter:
quote:
Originally posted by Dhall:
I would advise you to visit the company website and educate youself on the company as well as learn a little about the oil business. Smile



If the PPP was that bad you would not have had the opportunity to pour your out guts and all that's inside it on this page...


Sorry, the above comment is intended for "Pointblank"


THIS FORUM DOES NOT ORIGINATES IN GY AND I DO NOT LIVE IN GY
quote:
Originally posted by Jupiter:
quote:
Originally posted by Jupiter:
quote:
Originally posted by Dhall:
I would advise you to visit the company website and educate youself on the company as well as learn a little about the oil business. Smile



If the PPP was that bad you would not have had the opportunity to pour your out guts and all that's inside it on this page...


Sorry, the above comment is intended for "Pointblank"


BTW CAN YOU DISPROVE ANY OF THE COMMENTS I MADE IN THE ABOVE POST
quote:
Originally posted by Pointblank:
quote:
Originally posted by Jupiter:
quote:
Originally posted by Jupiter:
quote:
Originally posted by Dhall:
I would advise you to visit the company website and educate youself on the company as well as learn a little about the oil business. Smile



If the PPP was that bad you would not have had the opportunity to pour your out guts and all that's inside it on this page...


Sorry, the above comment is intended for "Pointblank"


BTW CAN YOU DISPROVE ANY OF THE COMMENTS I MADE IN THE ABOVE POST


I will not waste time... Guyana has one of the fastest growing economies in the region and it is NOT "bankrupt" or "decaying".
Redux,

People like you who has no experience in the oil drilling business should not be the first to criticize. I don't think major oil companies would allow a bunch of novices taking control of oil drilling in the second most promising area of oil exploration in the world. They would have already been out with statements criticizing CGX's efforts.
Think about it.
Maybe so... but it is not showing up in your posts.

quote:
Originally posted by redux:
quote:
Originally posted by Dhall:
I would advise you to visit the company website and educate youself on the company as well as learn a little about the oil business. Smile

I know more about the oil business AND CGX than most of the people on this board . . . you included.

BTW, visiting the company website is the due diligence of morons.
CGX has been looking for oil in Guyana for at least 10 years. OK let's take away five of those years that Suriname used gunboat diplomacy on CGX and ran them out of the Courantyne ... they still had rights to drill inland and at other locations at sea during the dispute.

To date they have come up with zero. Like I said look at their balance sheet. I bet I made more money just on my salary alone during the last 3 years than CGX did.