CGX Oil Drilling Further DEFERRED

OCEAN SARATOGA RIG TO DRILL CGX'S EAGLE WELL:

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There was a problem with Ocean Saratoga in April 2010, some says that it was faulty and leaking.....lets hope that it is now fixed and the Guyana Venture will be smooth sailing.

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I have been reliably informed that CGX will be repaid by the Guyanese government for every single cent of the money that is spent on the drilling process. So there won't be any financial risks placed on CGX. Is that a common business practise in the drilling industry?

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Originally posted by Mr.T:
I have been reliably informed that CGX will be repaid by the Guyanese government for every single cent of the money that is spent on the drilling process. So there won't be any financial risks placed on CGX. Is that a common business practise in the drilling industry?

There is a risk sharing arrangement. If no oil ever flows, GoG takes certain losses and CGX absorbs their part. If commercial oil is found, special time limited tax breaks help CGX recoup their investment. It is not necessarily standard but every Govt makes arrangements which ensure the best deal. Prospecting company also negotiate in their interest. At this point in Guyana's oil exploration, risk sharing is critical.

Exactly which risk is CGX taking? As is apparent so far, they don't actually incur any expenses. All the costs are underwritten by the Guyanese government. That then raises the question as to why the PPP regime wound up the GPL and handed the inexperienced CGX the job whilst still paying the cost of exploration. The whole contract and arrangement stinks of corruption on a grand scale.

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Originally posted by Jupiter:

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Originally posted by Pointblank:

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Originally posted by Jupiter:

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Originally posted by Jupiter:

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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.

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".

And GY cannot move from being the second poorest in the western hemisphere and GY continues to climb the ladder of corruption.

take off your blinders and you will see the real big picture

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Originally posted by Vish M:
Nuff,

Your Time-out has not changed you one bit.

I guess, as one becomes older changes are unlikely

Did I leave to change?

I have gotten older and wiser with age.

quote:

Originally posted by Mr.T:
Exactly which risk is CGX taking? As is apparent so far, they don't actually incur any expenses. All the costs are underwritten by the Guyanese government. That then raises the question as to why the PPP regime wound up the GPL and handed the inexperienced CGX the job whilst still paying the cost of exploration. The whole contract and arrangement stinks of corruption on a grand scale.

The more you write on CGX the more you choose not to be informed, or worse, you write falsehoods to attack CGX. What's your game?

So which bits are false?

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Originally posted by Mr.T:
So which bits are false?

Bribes, bandits, incompetent, Jagdeo partners.........


Yuh want 2 lash in yuh rass. So wah is yuh game? What pole CGX stick up yuh baxide?

Both you and your sources are wrong. Educate yourself by going to the company website rather than spewing this nonsense.

quote:

Originally posted by Mr.T:
I have been reliably informed that CGX will be repaid by the Guyanese government for every single cent of the money that is spent on the drilling process. So there won't be any financial risks placed on CGX. Is that a common business practise in the drilling industry?

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Originally posted by Dhall:
. . . going to the company website . . .

represents the DUE DILIGENCE of morons

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Originally posted by Dhall:
Both you and your sources are wrong. Educate yourself by going to the company website rather than spewing this nonsense.

quote:

Originally posted by Mr.T:
I have been reliably informed that CGX will be repaid by the Guyanese government for every single cent of the money that is spent on the drilling process. So there won't be any financial risks placed on CGX. Is that a common business practise in the drilling industry?

You think so? Then tell me why was that written in the contract that CGX signed with the Guyanese government on the 14th of October 2010? Or are you also claiming no such contract was signed on that date . Or maybe you didn't know until now that such a contract was signed, let alone that I knew about it .

Merry Christmas to all. I'll respond later.

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Originally posted by Mr.T:

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Originally posted by Dhall:
Both you and your sources are wrong. Educate yourself by going to the company website rather than spewing this nonsense.

quote:

Originally posted by Mr.T:
I have been reliably informed that CGX will be repaid by the Guyanese government for every single cent of the money that is spent on the drilling process. So there won't be any financial risks placed on CGX. Is that a common business practise in the drilling industry?

You think so? Then tell me why was that written in the contract that CGX signed with the Guyanese government on the 14th of October 2010? Or are you also claiming no such contract was signed on that date . Or maybe you didn't know until now that such a contract was signed, let alone that I knew about it .

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Originally posted by Dhall:
Merry Christmas to all. I'll respond later.

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Originally posted by Mr.T:

quote:

Originally posted by Dhall:
Both you and your sources are wrong. Educate yourself by going to the company website rather than spewing this nonsense.

quote:

Originally posted by Mr.T:
I have been reliably informed that CGX will be repaid by the Guyanese government for every single cent of the money that is spent on the drilling process. So there won't be any financial risks placed on CGX. Is that a common business practise in the drilling industry?

You think so? Then tell me why was that written in the contract that CGX signed with the Guyanese government on the 14th of October 2010? Or are you also claiming no such contract was signed on that date . Or maybe you didn't know until now that such a contract was signed, let alone that I knew about it .

Are you ready to respond yet?

How come nobody is drilling in the North West region??? Isn't that where the trinis and the Venos have actually found oil??