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FM
Former Member

 

 

Discouraging news released by CGX earlier today:

 



quote:
Kerry Sully, President and CEO of CGX, stated, "Although the results of the Eagle-1 well are disappointing for all stakeholders, this test has gathered valuable information that will assist CGX with determining the drilling location for its next well to be drilled on the Corentyne PPL and for other future targets.

 

The Eagle-1 well was initially budgeted for 60 days of drilling but experienced weather delays and mechanical issues which extended operations for approximately an additional 30 days. The initial cost estimate for the Eagle-1 well was $55 million, however with the delays the Eagle-1 well is now estimated to cost $71 million.  As a result, the Company will need to raise approximately $20 million in the near term.

 

The Jaguar-1 well on the Georgetown PPL in which CGX has a 25% interest with partners Repsol ExploraciΓ“n S.A (operator), YPF Guyana Limited and Tullow plc, continues. Total depth for the well is projected at 6,500 metres to test the Turonian geologic zone. The Jaguar-1 well was spud on February 9, 2012 and is expected to take 180 days.  Drilling operations are progressing as planned.





 

http://www.newswire.ca/en/stor...well-offshore-guyana

 

Member of the PNC and AFC are euphoric---this is great news---CGX failing to discover oil is great news for the AFC and PNC---bad news for Guyana is deemed great news for the AFC and PNC.

 

Rev

 

 

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CGX Energy, Inc. (CGXEF.PK)

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Vish M
Originally Posted by Rev Al:

Discouraging news released by CGX earlier today . . .

 

Member of the PNC and AFC are euphoric---this is great news---CGX failing to discover oil is great news for the AFC and PNC---bad news for Guyana is deemed great news for the AFC and PNC.

 

Rev

 

 

Having 3-way conversations with yourself again . . . I seee.

 

Really starved for attention, eh?. . . must be a 'lonely' thing

FM

 

 

Dr. Suresh Narine Appointed Chairman Of CGX:

 





quote:




Also effective May 4, 2012, CGX is pleased to announce that Dr. Suresh Narine, an independent Director has been appointed as Chairman of the Company.

 

Professor Suresh Narine, named in 2011 as one of Canada's Top 40 Under 40 Leaders, is originally from Guyana. Professor Narine has an impressive academic career that includes numerous awards including the prestigious "Growing Alberta Leadership Award for Innovation" received in 2005, the Guyana/Canada Special Achievement Award in 2007, and an award from the Guyana Government for his contributions to Science and Technology in Canada and for his contributions in this field towards the development of Guyana, received in 2011, among many other accomplishments.

 

In 2005, Professor Narine accepted a presidential appointment as the Director of Guyana's Institute of Applied Science and Technology (IAST), a role which he maintains, together with his academic appointment as Senior Professor at Trent University, his alma mater, in the Departments of Physics and Astronomy and Chemistry and as Director of the Trent Centre for Biomaterials Research. Professor Narine is currently the Ontario Research Chair in Green Chemistry and Engineering and the NSERC/GFO/ERS Senior Research Chair in Lipid Derived Biomaterials.









 



http://www.istockanalyst.com/b...change-in-management

 

QUESTION:

 

How many shares of CGX was offered to Dr. Narine ? Will he be holding onto those shares or like other CGX shareholders he will also be praying for a miracle ?

 

Rev

FM
Originally Posted by Conscience:

The joint opposition seems be to striving on the misfortunes of the state

 

Guyana and Guyanese must be prepared for the distinct possibility of NO OIL! But the good news is the country is blessed with minerals(gold, bauxite, manganese, diamonds, etc, etc). And the country also has fertile agriculture lands. The sugar and rice industry can be expanded and other crops can be grown in large quantities. Only a miracle will result in oil being found in commercial quantities in Guyana. 

 

Rev

FM

Wow . . . now they appoint a guy with less experience than most everybody in the oil exploration business as executive chairman . . . nice signal to the markets, eh?

 

Par for the course for this battam house 'Canadian oil company' operating out of 'somebody's basement.' 

 

But, OH, I forgot . . . this is all about holding on to the licences . . . dis bai is well connected to the ruling party, AKA PPPCrime Inc.

 

The local oligarchic interests must be proected at all costs!

FM

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