CGX Oil Drilling Further DEFERRED

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Former Member

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.

Source

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Former Member

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!

12/21/1110:54 PM

KariSenior Member

Dunce doesn't even begin to describe your stupid comments.

12/21/1111:25 PM

Former Member

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!

12/21/1111:34 PM

Former Member

If this news is accurate then one should question the appointment of Robert Persaud to a ministry which does not exist....

12/22/1112:31 AM

Mr.TI pity the fool

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.

12/22/113:24 AM

Former Member

I hope you are not correct Mr T.

I have shares in CGXEF.

12/22/117:36 AM

KariSenior Member

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......

12/22/118:18 AM

Former Member

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.

12/22/118:54 AM

Former Member

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!

12/22/118:56 AM

Former Member

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!

12/22/119:03 AM

Billy Ram BalgobinBilly

I can see in my crystal ball the ancient county soon becoming the Oil County.

Drill Baby Drill.

12/22/119:12 AM

Former Member

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......

T, when the last you went to Guyana?

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

.

12/22/119:28 AM

Former Member

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 . . .

12/22/119:31 AM

PointblankSenior Member

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......

T, when the last you went to Guyana?

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

.

12/22/119:38 AM

Former Member

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.

12/22/119:39 AM

Former Member

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?

12/22/119:41 AM

Former Member

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.

12/22/119:41 AM

Former Member

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.

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...

12/22/119:44 AM

Former Member

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.

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.

12/22/119:44 AM

Former Member

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.

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"

12/22/119:45 AM

Former Member

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?

12/22/119:49 AM

PointblankSenior Member

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.

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

12/22/119:57 AM

PointblankSenior Member

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.

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

12/22/119:59 AM

Former Member

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.

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".

12/22/1110:41 AM

Billy Ram BalgobinBilly

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.

12/22/1110:47 AM

Former Member

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.

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.

12/22/1111:09 AM

Former Member

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.

12/22/1111:13 AM

Former Member

quote:
Originally posted by Pointblank:
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......

T, when the last you went to Guyana?

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

SINCE THEN GY

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

THE SECOND POOREST IN THE WESTERN HEMISPHERE

quote:
THE MOST CORRUPT IN THE ENGLISH SPEAKING CARIBBEAN

THE SECOND MOST CORRUPT IN THE CARIBBEAN AND SOUTH AMERICA

quote:
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

12/22/1111:15 AM

Former Member

Take a look at this link ... especially look at the time machine in the right side of the page for the last 4 years. These dudes haven't made a penny.

http://www.wikinvest.com/stock...Gross_Profit/2011/Q2

12/22/1111:31 AM

Former Member

For most companies zero on the y axis is at the bottom of a chart, for these jokers ... zero is at the top of the y axis. All their growth is negative.

http://www.wikinvest.com/stock...Gross_Profit/2011/Q2

12/22/1111:33 AM

Former Member

I always warm people that buying stocks like these is like playing the lottery...yes sometimes you may win..but that is a very small percentage...

I still hope they somehow somewhere manage to find some oil in commercial quantities...but these guys are basically business men out to make money at all costs even if it is investors money alone..

remember Bre-X people.

12/22/1112:00 PM

Former Member

quote:
Originally posted by politikalamity:
buy these guys are basically business men out to make money at all costs even if it is investors money alone..

You said it I didn't

12/22/1112:02 PM

Former Member

quote:
Originally posted by Nuff:

You said it I didn't

been playing this game since I was a teenager homie...it is not for the uninitiated..

12/22/1112:07 PM

Billy Ram BalgobinBilly

The risk factor is always there. high returns are always associated with high risk. Some will get rewarded and some will get burnt. Remember what Will Rogers said.... "It's not the return on my investment that I am concerned about. It's the return of my investment."

12/22/1112:14 PM

Former Member

If you hit it big with penny stocks you can get stinking rich.

When CGX came out I recall it was $0.14 a share. Then it was a roller coaster ride. Around 5 years ago when the UN approved the land treaty with Guyana and Suriname the stock went berserk ... in excess of $4.00 .... since then it plummeted to $0.20 cents and now just sits at ~ one dollar.

Hey invest at the right time and you can make money, but they have to strike oil before the stock moves upwards and their balance sheet isn't looking too hot.

12/22/1112:18 PM

Former Member

Nuff,

Your Time-out has not changed you one bit.

I guess, as one becomes older changes are unlikely

12/22/1112:29 PM

PointblankSenior Member

SINCE THEN GY

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

THE SECOND POOREST IN THE WESTERN HEMISPHERE

Agreed that Guyana is poor, but strides have been made for the last three or four years where the GDP has continously risen resulting in a higher quality of life for its citizens. With its Natural Resources, there is all indication that Guyana will progress forward. Despite of being poor Guyana can still boasts of Free Health Care for its Citizens, Free Education from Nursery to Primary. With the continuous Housing Projects in full gear, tens of thousands now own their own homes, peoples' dreams are now becoming a reality. It is easy to be critical of a country being poor, God forbid that people like you with your boasting does not have to run back to Guyana one day.

Take out drug and remittances and guyana would be the poorest in the western hemisphere
Using the past nineteen years as an indicator where sugar production has gone down so much the Guysuco is bankcrupt. Hopefully the AFC will use their power and have some check aqnd balances

Stop dreaming bout free health care for ALL its citizens when last you went to the GPH and why if the health care is so good the PPP Ministers and their families fly abroad for treatments when they are sick

Befor the PPP we had free Education from Nursery to UNiversity

People are dreaming of a VISA to the USA and Canada

BTW I do not have to run back to GY if i am no longer wanted here or I choose to leave unlike you you only have that options

AND IF GY IS SO GOOD WHY DE RAS YOU STILL HERE

quote:
THE MOST CORRUPT IN THE ENGLISH SPEAKING CARIBBEAN

THE SECOND MOST CORRUPT IN THE CARIBBEAN AND SOUTH AMERICA

There are corruptions in many parts of the world, not only in Guyana, but to point out Guyana specifically now, without any proof, or any strong evidence to support your claims, goes to highlight your ignorance or your job devoted to spreading ignorance of Guyana. The Masjid that follaman like you goes to are corrupted, maybe even you might be corrupted with so many people, you might have scammed taking to Hajj, bai you should take the bubu out of your eyes before you go to someone's else, in other words you are not perfect or fit to pass judgement, as it would seems that you are just as useful as a windshield wiper on a camel's ass.

Read the Transparency International report

You PPP soup drinkers like to spread propaganda

Unlike you NO one can point their finger at me and accuse me of any of the things you said above
From last year to this year the PPP has move GY from being the 116th Most corrupted nation in the world to 134th

BTW I dont take people to Hajj you have me confused with someone else

Looks l;ike you are getting a piece from the PPP kickbacks

AND IF GY IS SO GOOD WHY DE RAS YOU STILL HERE

quote:
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

Again, seems like you are dumb and not aware that Drugs is a major problem in many countries and not only in Guyana, but yet you see fit to pinpoint Guyana, check how much fullaman in Afghanistan is growing and reaping and shipping drugs by the tons, yet a$$wholes like you see it only fittingly to pinpoint Guyana. Seeing that you are taking people to Hajj every year please do tell us how many you have scammed? Without any proof and or solid evidence, do you think that I should call you a con artiste who robs people of their hard earned cash, by purporting to take them to Hajj. Drawing the inference of you doing the same to others then it could be done to you, and I would say that it is wrong in both cases.

.[/QUOTE]

How many countries the the drug proceeds is part of the GDP

This is a Guyanese forum and thid is a GUYANESE political discussion
Again I do not take people to hajj I go to hajj whenever I decides sometimes every year sometime every other year
I dcannot scam people because I dont drink PPP soup

And if you are going to get personal I can

AND IF GY IS SO GOOD WHY DE RAS YOU STILL HERE

BTW can you disprove any of the following

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 TRANSIT POINT

DRUG PROCEEDS BECAME PART OF THE GDP

AND THAT IS JUST THE TIP OF THE ICEBERG

ALL UNDER THE PPP

12/22/113:26 PM

Billy Ram BalgobinBilly

quote:
Originally posted by Nuff:
If you hit it big with penny stocks you can get stinking rich.

When CGX came out I recall it was $0.14 a share. Then it was a roller coaster ride. Around 5 years ago when the UN approved the land treaty with Guyana and Suriname the stock went berserk ... in excess of $4.00 .... since then it plummeted to $0.20 cents and now just sits at ~ one dollar.

Hey invest at the right time and you can make money, but they have to strike oil before the stock moves upwards and their balance sheet isn't looking too hot.

Sometimes, companies do a reverse-split to increase their stock price with the intention of attracting investors. The savvy investor look for these kind of manipulation aside from viewing the industry they operate in and their chances of success.

12/22/113:31 PM

KariSenior Member

quote:
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.”

12/22/113:42 PM

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