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Operational Update
The Company, through CGX Resources Inc. (“CRI”) as the operator of the Corentyne Block under a Joint Operating Agreement (“JOA”) with Frontera Energy Guyana Corp. (“FEGC”), contracted PGS Geophysical AS (“PGS”) to provide acquisition and processing of a full broadband marine 3D seismic survey over a northern segment of the Corentyne Block located offshore Guyana. The seismic acquisition was completed on November 2, 2019 and produced seismic data covering approximately 582 km2 of the northern portion of the Corentyne Block. PGS completed Time (PreStack Time Migration) and Depth (PreStack Depth Migration) processing of these data on June 5, 2020.
CRI has completed a preliminary evaluation of the recently processed 3D seismic data, and has identified two potentially highly prospective large channel sand reservoir complexes. These channel complexes are interpreted to contain multiple high potential leads located in the northern region of the Corentyne Block which is located in close proximity to the Stabroek Block offshore Guyana and Block 58 offshore Suriname. The Pluma and Haimara discoveries in the Stabroek Block are located approximately 2 and 8 miles, respectively from the border of the northern region of the Corentyne Block and the Maka Central, Kwakwasi-1 and Sapakara West discoveries in Block 58 are located approximately 7, 15 and 20 miles, respectively from the border of the northern region of the Corentyne Block.
The leads mapped in the Northern Corentyne Block are interpreted to be situated at the same geological horizons as the nearby significant discoveries already proven in the Stabroek Block and Block 58. Also, importantly the Northern Corentyne leads are interpreted to share the same proven hydrocarbon generating basin and intervals in which the current discoveries are located. These leads are primarily stratigraphic traps composed of sandstone accumulations and deemed to be analogous to many the discoveries already proven to be successful in the Guyana basin spanning both Guyana and Suriname.
Head Office
333 Bay Street, Suite 1100 Toronto, ON, Canada M5H 2R2 T 416.364.5569 F 416.360.7783
Toronto, Canada, Thursday August 6, 2020 - CGX Energy Inc. (“CGX Energy” or the “Company”) announced today the release of its unaudited condensed interim consolidated financial statements for the second quarter of 2020, together with its Management, Discussion and Analysis - Quarterly Highlights. These documents will be posted on the Company’s website at www
https://www.sedar.com/GetFile.do?lang=EN&docClass=8&issuerNo=00008921&issuerType=03&projectNo=03092993&docId=4774589
Boatload of discoveries’ offshore Guyana signals more to come – Geoscientist
By OilNOW -December 18, 2019
Dr. William Heins, Geologist and Management Consultant at Getech, spoke to the media in Guyana on the sidelines of the Guyana International Petroleum Exhibition and Summit (GIPEX 2019) held on November 20-22 at the Marriott Hotel in Georgetown.
Since 2015, Guyana has gone from having no known oil resource to a massive 6 billion plus barrels of oil equivalent with 14 discoveries at the giant Stabroek Block, and an additional 2 at the smaller adjacent Orinduik.
All this comes after decades of dry holes and disappointments that saw a number of companies exit empty-handed with one oil major selling its interest for US$1 just before the world class Liza discovery in 2015.
Dr. William Heins, a Geologist and Management Consultant at Getech – a UK-based data and consultancy firm – says the discoveries made off the Guyana coast to date are a sign of more exploration success to come.
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Asked by reporters at the just concluded Guyana International Petroleum Exhibition and Summit (GIPEX 2019) what is his takeaway from the record number of discoveries which have been made at the Stabroek Block, Heins said, “You have a lot. There’s a boatload of hydrocarbons there. That’s the most important takeaway and I think the discoveries to date have substantiated that and there is every reason to expect that you would continue to have exploration successes in this particular area.”
Heins, who delivered a presentation at GIPEX on exploring the equatorial Atlantic margin – chasing the conjugate mirror, said explorers have been excited about coming to South America because of the success in Africa.
He said the Zaedyus discovery in the Guyane Maritime licence operated by Tullow Oil off the French Guiana coast in 2011 reignited excitement, with many thinking that the success of the Jubilee discovery in Ghana would be replicated on the South American continent.
“Then there was some disappointment when four subsequent wells failed to substantiate a field as big as Jubilee. But then, with Guyana’s success; I think it has flipped the paradigm so that now it should be the Africans who are excited about the success on the South American side and people should be excited about going to Africa because it has been successful here in Guyana,” he pointed out.
ExxonMobil, operator at the Stabroek Block, is set to begin producing oil from the 120,000 bpd Liza Phase 1 development, potentially before the end of the year. The company is also pursuing multiple drill targets on the 6.6 million acres block in search of more crude. Already, Liza Phase 2 has been approved targeting a potential start-up by 2022, while a 3rd development at the Payara field could begin producing oil by 2023.
Other companies, such as Tullow Oil, Repsol and CGX Energy are also gunning for oil in ongoing and upcoming campaigns over the coming months at other blocks off the Guyana coast
https://www.ecooilandgas.com/wp-content/uploads/2019/11/HP-ECO_8_20191104_Resource_estimates_upgrades.pdf
CGX Energy Demerara concession is close to “Joe” discovery.
One of the better maps of area.
CGX invites bids for Crab Island port works
Read more at https://stockhouse.com/companies/bullboard#St8GTTCS2U9TPLBm.99
“Now that the Joe-1 discovery has de-risked shallow water exploration, Holzman said that other majors such as CGX Resources Inc. and ExxonMobil are now exploring their blocks for Upper Tertiary targets.
Further to this, the Eco Atlantic Head said that next year, the partners are looking at four drill targets. He said one of those will be close to the Jethro-1 discovery.”
Read more at https://stockhouse.com/companies/bullboard/v.oyl/cgx-energy-inc#5BOQxBJ0HJDZvksT.99
News Article
CGX collaborating with UG to roll out skills training programme as oil production nears
By OilNOW - October 2, 2019 0
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CGX Energy and its partner FEC have entered discussions with the University of Guyana (UG) and Trent University on a programme to address major deficits in training and research in the South American country, related to the development of the sustainable sectors of the Guyanese economy.
This will see the Launch of the CGX-FEC Advanced Academic and Research Programme in Sustainable Transformation of Guyana set to take place on Thursday at UG’s Turkeyen Campus.
The University of Guyana said the country is poised for massive economic growth but faces a serious challenge with respect to absorptivity for this growth among the local population and in the non-petroleum sectors. This has become more apparent with the advent of significant commercial oil discoveries offshore since 2015, which has seen Guyana’s reserves of petroleum climbing to more than 6 billion barrels of oil equivalent.
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The University of Guyana, which has been at the center for higher education training for 57 years, is expected to respond rapidly to these future needs. Historically, UG has been in need of intensive resource inflows to solve critical deficits which have developed over a long time. Chief amongst these is a paucity of academics with terminal degrees. This has adversely affected virtually the quality and execution of all aspects of the University’s work.
Most importantly, the growth of its higher education programmes and its research agenda have been severely crippled by the inability to attract and retain the best staff and to fund and enable a nationally impactful research programme, UG said.
The CGX-FEC program is a 5-year, CDN$5 million investment initiative, geared towards the creation of a cadre of highly qualified individuals
Read more at https://stockhouse.com/companies/bullboard#vl0lw8OfTJuYyujj.99
News Article
Proximity of Joe discovery in Orinduik Block moves CGX to speed up drilling programme
Sep 30, 2019 News 0 Comments
image: https://www.kaieteurnewsonline.com/images/2019/09/GT_Xmas_K_News.jpg
image: https://www.kaieteurnewsonline.com/images/2019/09/PHD-Guinness.jpg
By Kiana Wilburg
CGX Resources Inc. (CRI), along with its joint venture partner, Frontera Energy Corporation (FEC) has made another adjustment to its drilling programme following the latest oil discovery in a nearby block.
Just a few weeks ago, Tullow Oil, which is the Operator of the Orinduik Block, announced its second commercial discovery which was made at the Joe-1 well. That discovery is the first to be made in rocks that are of a relatively young geological age.
Based on a series of releases and statements that have been issued in the last few months, it is evident that the Joe-1 well is just a few miles from CGX’s Demerara Block.
CGX appears to be taking advantage of the positive signals the Joe discovery sends for its prospects and is therefore drilling its first well on the Demerara Block in 2020, putting it one year ahead of its drilling schedule.
Also in 2020, CGX would be drilling its first exploratory well in the Corentyne Block, following further forensic seismic investigation of the northern region of the block.
image: https://www.kaieteurnewsonline.com/images/2019/09/CGX.jpg
CGX Executive Chairman, Professor Suresh Narine
It would appear that this seismic survey is being done to gain a better understanding of the block’s geological systems and how those correlate with two nearby finds in the ExxonMobil operated Stabroek Block.
A perusal of the locations of Exxon discoveries show that the Pluma well is just two miles away from CGX’s Corentyne block, while the Haimara is sitting a mere five miles away. The Pluma-1 well is estimated to hold at least 300M barrels of oil says Wood Mackenzie. Haimara-1 potentially holds 800M barrels of oil equivalent reserves.
This newspaper understands that CGX would be utilizing the services of PGS Geophysical SA (“PGS”) to provide acquisition and processing of the 3D seismic survey covering approximately 582 km2 of the northern portion of the Corentyne Block. The survey is expected to commence in mid-October 2019 and be completed by November 27, 2019. This is in line with CRI’s re-sequenced work plan on the Corentyne Block, which requires it to complete a seismic survey by November 27, 2019 and the drilling of an exploration well by November 2020.
This newspaper understands that PGS plans to use an integrated acquisition and imaging approach, for reliable operation and fast turnaround of the seismic data. A Ramform Titan-class seismic vessel will be used to complete the acquisition, ensuring a high level of safety and operational reliability. In addition to this, GeoStreamer acquisition technology will enable advanced imaging techniques to provide structural imaging to support drilling decisions.
image: https://www.kaieteurnewsonline.com/images/2019/09/Map-1-248x300.jpg
While Executive Chairman of CRI, Professor Suresh Narine or any of CGX’s officials could not be reached for extensive commentary, Professor Narine in a statement to the press confirmed that recent discoveries in proximity to the northern region of the Corentyne Block and in the shallow water east of the Demerara Block, present a compelling endorsement of CRI’s re-sequenced plans to drill exploration wells back-to-back on its Corentyne and Demerara Blocks in 2020.
Professor Narine said that CRI’s arrangement with PGS will allow the company to take advantage of PGS’ previous experience in this region of the basin to both acquire and process 3D seismic which is crucial to its understanding of the northern region of the Corentyne Block.
In the meantime, Professor Narine said that CRI has been streamlining its prospects in the Demerara Block based on the 3D seismic campaign it conducted over the Demerara Block in 2014. He said that the arrangement with the Contractor will allow CRI to utilize funds previously committed to the Ralph Coffman rig to drill the Utakwaaka well to any of the Contractor’s rigs that are utilized to drill the Corentyne and Demerara Blocks in 2020.
In conclusion, Dr. Professor Narine said, “…I wish to thank our partners and shareholders for their continued support of the Company as we move towards realizing a 21-year vision and commitment to the Guyana basin….”
FINANCIAL POSITION
Along with its re-sequenced work programme, CGX a few months ago, had provided an update on its financial position, specifically disclosing details from its unaudited consolidated financial statements for the second quarter of 2019, together with its Management, Discussion and Analysis – Quarterly Highlights.
CGX reminded that on May 3, 2019, the Government approved the farm-in joint venture agreements (‘JOAs’ ) covering two shallow-water offshore Petroleum Prospecting Licenses in Guyana, in the Corentyne and Demerara blocks, between CRI and Frontera Energy Guyana Corporation (FEGC). CGX said that the JOAs provided for a transfer of a 33.333% interest in both the Corentyne and Demerara Petroleum Prospecting Licenses and Petroleum Agreements in exchange for a US$33,333,000 signing bonus. Under the JOAs, FEGC will pay one-third of the applicable costs plus an additional 8.333% of the company’s direct drilling costs for the initial exploratory commitment wells in the two blocks subject to certain thresholds.
Further, on May 28, 2019, CGX noted that the transfers of the 33.333% interest in both the Corentyne and Demerara Prospecting Licenses were completed. It said that the transfers were effective on May 20, 2019. As a result, on May 28, 2019, CGX said that the Company received US$8,500,851, being the net of the US$33,333,000 signing bonus due from FEGC, less the amount of US$24,832,149 of the outstanding debt owed to FEGC by the Company.
For the six month period ended June 30, 2019, the company said it improved its working capital deficiency by $56,525,771 and recorded cash on hand as at June 30, 2019, of $22,574,722.
It also said that it incurred net exploration and evaluation expenditures of $5,256,609 during the six month period ended June 30, 2019, primarily due to activities being undertaken to satisfy work commitments under CRI’s Corentyne block Petroleum Agreement.
Read more at https://stockhouse.com/companies/bullboard/v.oyl/cgx-energy-inc#aE8dpE0vAX7LM7Af.99k
https://www.proactiveinvestors.co.uk/companies/news/903040/eco-atlantic-s-gil-holzman-hails-back-to-back-successes-after-joe-discovery-903040.html
Click on the video
You’re welcome
That’s right, eco Atlantic’s CEO Says “EXXON is interested in the upper tertiary” guess where most of CGX’s 1.4 million acres off shore drilling concessions are?
Offshore Guyana, one the worlds largest multiple oil finds that no one has heard about! Billions of barrels so far!!!!
Google CGX Energy then click
Stockhouse.com
Very enjoyable reading indeed.
Totally. Watch it trade someone has a lot of shares and is playing both sides. The bids and ask move w no volume at all at times literally wild stuff.
share price way up from .15 .....and no catalyst...reminds me of ...wolf of wall street..
You’re welcome petermic. I was lucky enough to double down on the rights offering. These guys somehow kept the lights on through the last 5 or so years with oil prices tanked, so here’s hoping that riches beyond their dreams come their way. Everything is “elementary my dear Watson” after that. :)
Whoa holy moly
D&D can be done at Stockhouse.com: Cgx Energy
Some posters there claim to be holding for 20 years. Read up, has been a great resource for me. All the best.
Will Maduro lash out in desperation?
https://news.yahoo.com/venezuela-prosecutors-charge-guaido-high-treason-185544663.html
Bob
Anyone know why CGX has been flying lately? I see nothing but a horrendous quarterly report.
From Seeking Alpha:
https://seekingalpha.com/article/4240592-guyana-suriname-basin-emerging-petroleum-province
9 pages.
Bob
TORONTO, Dec. 4, 2018 /CNW/ - CGX Energy Inc. (TSXV: OYL) ("CGX") and Frontera Energy Corporation (TSX: FEC) ("Frontera") announced today that they have entered into a letter agreement to enable CGX to finance the drilling costs related to two shallow water offshore blocks in Guyana, currently 100% owned and operated by a subsidiary of CGX. The agreement also provides financial support as a critical step in a series of transactions that CGX is seeking to undertake in order to restructure its liabilities and provide for sufficient working capital to enable it to advance its offshore exploration projects in Guyana.
Under the terms of the letter agreement, Frontera and a wholly owned subsidiary of CGX, CGX Resources Inc., will enter into a farm-in joint venture agreement (the "JV Agreement") covering CGX's two shallow water offshore Petroleum Prospecting Licenses in Guyana, the Corentyne and Demerara Blocks. Final approval for the farm-in is required from the Government of Guyana. Upon completion of the agreement and receipt of regulatory approval for the farm-in, Frontera will acquire a 33.33% working interest in the two blocks in exchange for a US$33.3 million signing bonus. Frontera has agreed to pay one-third of the applicable costs plus an additional 8.333% of CGX's direct drilling costs for the initial exploratory commitment wells in the two blocks. CGX would be the operator with assistance from Frontera.
Professor Suresh Narine, Executive Chairman and Executive Director (Guyana), CGX, said:
"With the Frontera joint venture, CGX will be positioned to accelerate development of the Corentyne and Demerara Blocks, CGX's two largest offshore concessions. We plan to raise additional capital on a basis that will allow shareholders to participate. Our shareholders, who have supported CGX through its difficult times, will thereby be able to benefit from the exciting opportunities ahead for the company. I'm very optimistic about the future of CGX, our relationship as a commercial partner to Guyana and the value that can be created for our shareholders and stakeholders. CGX is widely held as Guyana's only Indigenous Oil and Gas Exploration company and we remain firmly committed to Guyana and the Guyanese cultural and social fabric. I would like to thank the Government and people of Guyana for their confidence in CGX over the past few years, and I also want to thank the CGX and Frontera teams for all their hard work getting us this far."
Gabriel de Alba, Chairman of the Board of Directors of Frontera, added:
"We are very excited to work with CGX through this new strategic joint venture in Guyana. Together, we will be well positioned to advance the exploration and development of the most exciting offshore basin in the world. Combining CGX's long history and deep roots in the country with Frontera's technical depth and financial strength creates great opportunities for success for the benefit of CGX, Frontera and the people of Guyana. This joint venture forms an important part of Frontera's plans to build growth for the future."
Richard Herbert, Chief Executive Officer of Frontera, commented:
"Offshore Guyana has emerged during the last few years as one of the most exciting exploration areas in the world. CGX's offshore exploration blocks have been significantly derisked by exploration activity in the basin to date and contain multiple play types which offer significant opportunity. Once executed, our farm-in agreement with CGX will give the Company a direct interest in the significant exploration potential of both the Corentyne and Demarara Blocks. We look forward to building on our relationship with CGX and the people of Guyana as Frontera expands its medium- and long-term opportunity set in the north Andean region of South America and the Caribbean."
Pursuant to the letter agreement, Frontera and CGX have also agreed to arrangements to provide additional financial support for CGX. Upon the closing of the JV Agreement, CGX will repay Frontera approximately U.S.$17 million of debt which is currently in default and owing to Frontera. This debt will be extended to March 31, 2019 and is expected to be repaid earlier by way of an offset against the U.S.$33.3 million signing bonus payable to CGX referred to above. Frontera will extend its April 25, 2018 bridge loan through September 30, 2019(which loan is currently in default with principal outstanding of U.S.$8,861,339 plus interest), and will seek regulatory approval to amend the terms to provide Frontera the ability to have the outstanding principal amount of the loan repaid in CGX common shares, at a conversion price of the U.S. dollar equivalent of CDN$0.29 per share, at any point on or before maturity of the loan. This option will allow CGX to enhance its liquidity. Frontera will also agree to guarantee an equity financing of CGX of up to U.S.$20 million, the terms of which CGX expects to announce within the next two weeks. No proceeds from the financing will be payable to Frontera. This financing will enable CGX to settle its U.S.$7,904,037 of liabilities with Japan Drilling Co., Ltd. as disclosed by CGX in its October 31, 2018 press release. The cumulative effect of the transactions if successfully completed would satisfy approximately U.S.$34.5 million of CGX's existing indebtedness and provide CGX with approximately U.S.$27.5 million of net cash. As a result of these transactions, Frontera could increase its ownership of outstanding common shares of CGX from its current ownership of approximately 45.6% (or 50,351,929 shares) to up to approximately 77.5% if no other shareholder participates in the equity financing and Frontera elects to exercise the conversion right attached to the bridge loan.
Corentyne Petroleum Agreement
The Corentyne block contains 1,125,000 net acres offshore Guyana in shallow water, adjacent to the ExxonMobil Stabroek block which has encountered nine discoveries since May 2015. The Utakwaaka well is required to be drilled by November 27, 2019 with an additional exploration well to be drilled by November 27, 2022.
Demerara Petroleum Agreement
The Demerara block contains 750,000 net acres offshore Guyana in shallow water, adjacent to the ExxonMobil Stabroek block which has encountered nine discoveries since May 2015. An exploration well is required to be drilled on the block by February 12, 2021with a further exploration well by February 12, 2023.
The proposed transactions contemplated by the letter agreement remain subject to customary conditions, including the negotiation and execution of definitive agreements between Frontera and CGX and the requisite regulatory approvals. There is no guarantee that definitive agreements will be executed on the terms contemplated, or at all.
The transactions described herein between Frontera and CGX are related party transactions under Multilateral Instrument 61-101, but are exempt from obligations to obtain a formal valuation and approval from a minority of shareholders. The material change report to be filed by CGX in connection with this news release will contain required disclosure regarding such exemptions.
About CGX Energy:
CGX Energy is a Canadian-based oil and gas exploration company focused on the exploration of oil in the Guyana-Suriname Basin.
NEITHER THE TSX VENTURE EXCHANGE NOR ITS REGULATION SERVICES PROVIDER (AS THAT TERM IS DEFINED IN THE POLICIES OF THE TSX VENTURE EXCHANGE) ACCEPTS RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THIS RELEASE.
About Frontera:
Frontera Energy Corporation is a Canadian public company and a leading explorer and producer of crude oil and natural gas, with operations focused in Latin America. The Company has a diversified portfolio of assets with interests in more than 30 exploration and production blocks in Colombia and Peru. The Company's strategy is focused on sustainable growth in production and reserves. Frontera is committed to conducting business safely, in a socially and environmentally responsible manner. Frontera's common shares trade on the Toronto Stock Exchange under the ticker symbol "FEC".
If you would like to receive News Releases via e-mail as soon as they are published, please subscribe here: http://fronteraenergy.mediaroom.com/subscribe.
Advisories:
Cautionary Note Concerning Forward-Looking Statements
This news release contains forward-looking statements. All statements, other than statements of historical fact, that address activities, events or developments that the Company believes, expects or anticipates will or may occur in the future (including, without limitation, the entering into of definitive agreements, the completion of a financing, obtaining regulatory approvals, continued exploration and success thereof , and CGX obtaining sufficient working capital) are forward-looking statements. These forward- looking statements reflect the current expectations or beliefs of Frontera or CGX, as the case may be, based on information currently available to them. Forward-looking statements are subject to a number of risks and uncertainties that may cause actual results to differ materially from those discussed in the forward-looking statements, and even if such actual results are realized or substantially realized, there can be no assurance that they will have the expected consequences to, or effects on, the applicable company. Factors that could cause actual results or events to differ materially from current expectations include, among other things: with respect to Frontera, failure to obtain regulatory approval and reach appropriate definitive agreements with CGX; with respect to CGX (and as applicable Frontera), failure to reach appropriate definitive agreements with Frontera, obtain regulatory approval, complete a financing and successfully explore and develop the offshore blocks, and unforeseen costs and expenses; changes in equity and debt markets; perceptions of the applicable company's prospects and the prospects of the oil and gas industry in the countries where the company operates or has investments; and the other risks disclosed in the applicable continuous disclosure documents under the each company's profile on SEDAR at www.sedar.com. Any forward-looking statement speaks only as of the date on which it is made and, except as may be required by applicable securities laws, each of Frontera and CGX disclaims any intent or obligation to update any forward- looking statement, whether as a result of new information, future events or results or otherwise. Although each of Frontera and CGX believes that the assumptions inherent in the forward-looking statements applicable to it are reasonable, forward-looking statements are not guarantees of future performance and accordingly undue reliance should not be put on such statements due to the inherent uncertainty therein.
SOURCE Frontera Energy Corporation
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For further information: Frontera: Grayson Andersen, Corporate Vice President, Capital Markets, +57-314-250-1467, ir@fronteraenergy.ca, www.fronteraenergy.ca; CGX: Brooks Lyons, Manager, Commercial & Business Development, +1-832-300-3200, blyons@cgxenergy.com; Tralisa Maraj, Chief Financial Officer, +1-832-300-3200
Read more at http://www.stockhouse.com/companies/bullboard#vZRBzmsip4HbF6Ud.99
Woodmac: ExxonMobil's Pluma marks a perfect 10
12/4/2018
On track to produce a million barrels, Guyana's Liza complex now best compares to Brazil's Lula-Iracema, one of the world's largest deepwater finds. "With 17 prospects still to drill, Stabroek is writing Guyana's future. It will easily become the fourth largest oil producing nation in Latin America by the next decade, with chances to outperform the countries preceding it. If Venezuela and Mexico fail to address production declines, Guyana could quickly surpass them to number two," Mr Hayum said.
Pluma is located 42 mi (67 km) southeast of Liza, and Wood Mackenzie estimates the discovery holds 300 MMboe of recoverable resources, while the August 2018 Hammerhead discovery added another estimated 700 MMboe. With many prospects left to chase at the Stabroek block and a success rate of 83%, the project will only get bigger.
"The Tilapia prospect near Longtail is next to drill," Mr Hayum said. "It marks a shift from the previous plan to drill the Aimara prospect and likely aims to add volumes to the Longtail-Turbot development hub. If successful, Longtail, Turbot, Pluma and Tilapia could be jointly developed with a 220,000 bpd FPSO in an eventual Phase 4."
"The giant, low breakeven discoveries are key to the partners," he added. "At peak, the project accounts for a third of Hess' future production. For ExxonMobil, Guyana strengthens its growing deepwater portfolio, while for CNOOC it addresses efforts to offset domestic declines."
https://www.worldoil.com/news/2018/12/4/woodmac-exxonmobils-pluma-marks-a-perfect-10
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Hess Announces 10th Discovery and Increased Stabroek Block Resource Estimate Offshore Guyana
• Pluma-1 well encountered 121 feet of high-quality, hydrocarbon-bearing sandstone reservoir
• Estimate of gross discovered recoverable resources for the Stabroek Block increased to more than 5 billion barrels of oil equivalent
• Growing resource base reinforces potential for at least 5 floating storage, production and offloading vessels producing more than 750,000 barrels of oil per day by 2025
December 03, 2018 08:09 AM Eastern Standard Time
NEW YORK--(BUSINESS WIRE)--Hess Corporation (NYSE:HES) today announced a tenth discovery offshore Guyana at the Pluma-1 well on the Stabroek Block. As a result of this new discovery and further evaluation of previous discoveries, the estimate of discovered recoverable resources for the Stabroek Block has been increased to more than 5 billion barrels of oil equivalent, up from the previous estimate of more than 4 billion barrels of oil equivalent announced in July 2018.
Pluma-1 encountered approximately 121 feet (37 meters) of high-quality, hydrocarbon-bearing sandstone reservoir. Pluma-1 reached a depth of 16,447 feet (5,013 meters) in 3,340 feet (1,018 meters) of water. The Noble Tom Madden drillship began drilling on Nov. 1. The well is located approximately 17 miles (27 kilometers) south of the Turbot-1 well. The Noble Tom Madden will next drill the Tilapia-1 prospect located 3.4 miles (5.5 kilometers) west of the Longtail-1 well.
“Guyana is a truly world class investment opportunity with multi billion barrels of additional exploration potential,” CEO John Hess said. “The growing resource base on the Stabroek Block further underpins the potential for at least five FPSOs producing more than 750,000 barrels of oil per day by 2025.”
The Liza Phase 1 development is expected to begin producing up to 120,000 barrels oil per day by early 2020, utilizing the Liza Destiny floating storage, production and offloading vessel (FPSO). As previously announced, Liza Phase 2 is expected to start by mid 2022. Pending government and regulatory approvals, Liza Phase 2 project sanction is expected in early 2019 and will use a second FPSO designed to produce up to 220,000 barrels of oil per day. Sanctioning of a third development, Payara, is also expected in 2019 with start up as early as 2023.
The Stabroek Block is 6.6 million acres (26,800 square kilometers). Esso Exploration and Production Guyana Limited is operator and holds a 45 percent interest in the Stabroek Block. Hess Guyana Exploration Ltd. holds a 30 percent interest and CNOOC Nexen Petroleum Guyana Limited holds a 25 percent interest.
Hess Corporation is a leading global independent energy company engaged in the exploration and production of crude oil and natural gas. More information on Hess Corporation is available at http://www.hess.com.
Cautionary Statements
This news release contains projections and other forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. These projections and statements reflect the company’s current views with respect to future events and financial performance. No assurances can be given, however, that these events will occur or that these projections will be achieved, and actual results could differ materially from those projected as a result of certain risk factors. A discussion of these risk factors is included in the company’s periodic reports filed with the Securities and Exchange Commission.
We use certain terms in this release relating to resources other than proved reserves, such as unproved reserves or resources. Investors are urged to consider closely the disclosure relating to proved reserves in Hess’ Form 10-K, File No. 1-1204, available from Hess Corporation, 1185 Avenue of the Americas, New York, New York 10036 c/o Corporate Secretary and on our website at www.hess.com. You can also obtain this form from the SEC on the EDGAR system.
Contacts
Investors:
Jay Wilson
(212) 536-8940
jrwilson@hess.com
Media:
Lorrie Hecker
(212) 536-8250
lhecker@hess.com
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BREAKING: ExxonMobil makes 10th discovery offshore Guyana
By OilNOW -
December 3, 2018
The Noble Tom Madden drillship currently operating off the Guyana coast
US oil major ExxonMobil has made yet another discovery off the Guyana coast at the Pluma well making it a record 10 finds so far since the world class Liza discovery announced in May 2015.
Director of Guyana’s Department of Energy, Dr. Mark Bynoe this morning announced that the company made the discovery. This latest discovery has increased the estimated recoverable resource for the Stabroek Block to more than 5 billion oil-equivalent barrels.
“This is great news for Guyana…the country is on the cusp of transformational development for current and future generations and the news of ExxonMobil’s 10th discovery offshore Guyana is expected to facilitate the country’s realisation of substantial social and economic improvements,” said an upbeat Dr. Bynoe.
The Pluma-1, which is located some 17 miles (27 kilometers) south of the Turbot-1 well and follows previous discoveries on the Stabroek Block, encountered approximately 121 feet (37 meters) of high-quality, hydrocarbon-bearing sandstone. The well was safely drilled to 16, 447 feet (5, 013 meters) depth in 3,340 feet (1,018 meters) of water. The Noble Tom Madden drillship began drilling on November 1, 2018.
“Guyana is well poised to truly forge ahead in the 21st century. As a petro-development state we will, however, need to strategically invest in a people-centered and balanced manner, where we utilise our non-renewable resources for structural transformation and improving people’s lives in the short-term, while concomitantly providing the foundation to allow us to transition in the medium- and long-term to a post carbon economy.
The previous recoverable resource estimate on the Stabroek Block was more than 4 billion barrels.
This discovery reinforces the potential of the country being able to produce more than 750,000 barrels of oil daily by 2025 and to the potential for development in the southeast section of the Stabroek Block. The Stabroek Block is 26, 800 square kilometers,” Dr. Bynoe added.
The Noble Tom Madden is expected to begin drilling the Tilapia-1 prospect located some 3.4miles (5.5 kilometers) west of the Longtail-1 well. The Stena Carron drillship has recently completed operations at Hammerhead-1 and will soon drill its next well following scheduled maintenance.
ExxonMobil and its affiliate Esso Exploration and Production Guyana Limited is operator and holds 45 per cent interest in the Stabroek Block. Hess Guyana Exploration Limited holds 30 per cent interest and CNOOC Nexen Petroleum Guyana Limited holds 25 per cent interest.
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https://oilnow.gy/featured/breaking-exxonmobil-makes-10th-discovery-offshore-guyana/
Guyana halts issuance of exploration licenses for one year
By OilNOW -November 9, 2018
As the Guyana Government’s Energy Department works to increase its capacity, update legislation and have a better understanding of the local and global petroleum sector, it has put a moratorium on the granting of new exploration licenses.
This was disclosed by Director of the Department, Dr. Mark Bynoe at a press conference held at the Ministry of the Presidency on Thursday.
“We do not envisage another licensing round probably until early 2020,” he said.
While the Department is working to “understand the lay of the land,” he said there are already significant players working deep water offshore Guyana, referring to ExxonMobil, Anadarko, Tullow Oil and Total, among others.
He noted that there is significant interests in Block C – off the Canje Block, but the Department is not “anxious” to allocate the block without the requisite “complementary pieces in place.”
One of the mechanisms being put in place is a model Production Sharing Agreement (PSA) aimed at ensuring that mistakes made before do not recur.
Additionally, the Government wants to attract investors to shallow and onshore areas while the development of offshore exploration progresses.
Dr. Bynoe said there has not been the same level of interests in these areas.
“What we hope to advance is to provide as a package, a kind of data necessary for persons to understand the resource base and that is something we are currently discussing with some firms…so that there is greater interests in shallow and onshore exploration interests,” he disclosed.
Oil and Gas Advisor, Mathew Wilks said there is need to structure the regulatory and contractual environment so that for the remaining blocks “we maximize the opportunity for the most revenue for the state.”
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CGX Energy Agrees to Settle Liabilities Owed to Japan Drilling
Toronto, Ontario--(Newsfile Corp. - October 31, 2018) - CGX Energy Inc. ("CGX Energy") (TSXV: OYL) announced today that it and its subsidiary CGX Resources Inc. (collectively, the "Company") have entered into an agreement with Japan Drilling Co., Ltd. ("JDC") to settle all liabilities claimed by JDC from the Company arising from a drilling contract and subsequent settlement arrangements between the parties as detailed in note 9 to the Company's interim consolidated financial results for the three and six-month periods ended June 30, 2018 posted under the Company's profile at www.sedar.com.
The agreement with JDC is one step in a series of transactions that CGX Energy is seeking to undertake in order to restructure its liabilities and provide for sufficient working capital to enable CGX Energy to give effect to its business plan.
Under the terms of the agreement, the Company is proposing to pay JDC 45% of the principal amount of the funds claimed (or US$6,637,536.80), together with interest accrued on such reduced amount in the sum of US$1,266,500.08 (or US$7,904,036.88 in the aggregate), in order to fully satisfy all liabilities. The completion of this transaction is conditional on CGX Energy successfully completing a financing, which condition may be waived by the Company. The agreement between JDC and the Company will terminate if the closing of the transaction is not completed on or before March 31, 2019. The failure to complete this transaction will result in any liabilities owed to JDC remaining outstanding which liabilities would continue to incur interest.
To the knowledge of the Company, JDC owns 14,752,764 CGX Energy common shares (or approximately 13.36% of the outstanding CGX Energy shares). As a result, the transaction is considered to be a related party transaction under Multilateral Instrument 61-101 ("MI 61-101"), which absent exemptions would obligate CGX Energy to obtain a formal valuation and obtain approval from a minority of the CGX Energy shareholders. CGX Energy is exempted from the formal valuation requirement pursuant to section 5.5(b) of MI 61-101 and from the minority approval requirement pursuant to section 5.7(1)(c) of MI 61-101 on the basis that JDC beneficially owns voting securities of CGX Energy that carry fewer voting rights than Frontera Energy Corp. who, in the circumstances of the transaction, is not an interested party, is arm's length to JDC and supports the transaction.
About CGX Energy
CGX Energy is a Canadian-based oil and gas exploration company focused on the exploration of oil in the Guyana-Suriname Basin.
NEITHER THE TSX VENTURE EXCHANGE NOR ITS REGULATION SERVICES PROVIDER (AS THAT TERM IS DEFINED IN THE POLICIES OF THE TSX VENTURE EXCHANGE) ACCEPTS RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THIS RELEASE.
Forward-Looking Statements:
This news release contains forward-looking statements. Forward-looking statements are frequently characterized by words such as "plan", "expect", "project", "intend", "believe", anticipate", "estimate", "may", "will", "would", "potential", "proposed" and other similar words, or statements that certain events or conditions "may" or "will" occur in the future. Forward looking statements herein include statements regarding the closing of the transaction between JDC and the Company. These forward-looking statements are based on certain key expectations and assumptions made by CGX Energy, including its expectation that it will be able to complete an appropriate financing on a timely basis. CGX Energy believes the expectations and assumptions on which it develops forward-looking statements are reasonable; however, undue reliance should not be placed on forward-looking statements as there can be no assurance they will prove to be correct. No assurance can be given that the Company will be able to complete a financing or otherwise complete the terms of the transaction agreed to with JDC. Since forward-looking statements address future events and conditions, by their very nature they involve inherent risks and uncertainties. Actual results could differ materially from those currently anticipated due to a number of factors and risks. In addition, other risks that may affect the forward-looking statements in this news release are outlined further in the CGX Energy's management discussion and analysis and annual information form on SEDAR at www.sedar.com.
The forward-looking statements contained in this news release are made as of the date hereof and CGX Energy undertakes no obligation to update publicly or revise any forward-looking statements or information, whether as a result of new information, future events or otherwise, unless so required by applicable securities laws.
For further information, please contact:
Brooks Lyons, Manager, Commercial & Business Development at (832) 300-3200 or blyons@cgxenergy.com or Tralisa Maraj, Chief Financial Officer at (832) 300-3200.
Recent News
CGX Energy and Frontera Announce Strategic Guyana Joint Venture Agreement
2018-12-04 10:00 PM ET
CGX Energy Agrees to Settle Liabilities Owed to Japan Drilling
2018-10-31 7:00 AM ET
CGX Energy Inc. Names Its Corentyne Prospect
2018-08-08 11:33 AM ET
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ExxonMobil Adds Ninth Discovery Offshore Guyana
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Business Wire
Business Wire August 30, 2018, 9:00 AM EDT
IRVING, Texas--(BUSINESS WIRE)--
Hammerhead-1 well encounters 197 feet of high-quality, oil-bearing sandstone
Discovery adds to estimated resource of more than 4 billion barrels
Maximum offshore value creation through rapid development and accelerated exploration
ExxonMobil (XOM) has made its ninth discovery offshore Guyana at the Hammerhead-1 well, marking its fifth discovery on the Stabroek Block in the past year and proving a new play concept for potential development.Hammerhead-1 encountered approximately 197 feet (60 meters) of high-quality, oil-bearing sandstone reservoir. The well was safely drilled to 13,862 feet (4,225 meters) depth in 3,373 feet (1,150 meters) of water. The Stena Carron drillship began drilling on July 27, 2018.
“The Hammerhead-1 discovery reinforces the potential of the Guyana basin, where ExxonMobil is already maximizing value for all stakeholders through rapid phased developments and accelerated exploration plans,” said Steve Greenlee, president of ExxonMobil Exploration Company. “Development options for Hammerhead will take into account ongoing evaluation of reservoir data, including a well test.”
Hammerhead-1 is located approximately 13 miles (21 kilometers) southwest of the Liza-1 well and follows previous discoveries on the Stabroek Block at Liza, Liza Deep, Payara, Snoek, Turbot, Ranger, Pacora and Longtail. Those previous discoveries led to the announcement of an estimated recoverable resource of more than 4 billion oil-equivalent barrels discovered to date, and the potential for up to five floating production, storage and offloading (FPSO) vessels producing more than 750,000 barrels per day by 2025.
There is potential for additional production from significant undrilled targets and plans for rapid exploration and appraisal drilling. A second exploration vessel, the Noble Tom Madden,is due to arrive in Guyana in October to accelerate exploration of high potential opportunities and will commence drilling at the Pluma prospect approximately 17 miles (27 kilometers) from Turbot.
Liza Phase 1, which is expected to begin producing oil by early 2020, will use the Liza Destiny FPSO vessel to produce up to 120,000 barrels of oil per day. Construction of the FPSO and subsea equipment is well advanced. Pending government and regulatory approvals, Phase 2 is targeted for sanctioning by the end of this year. It will use a second FPSO designed to produce up to 220,000 barrels per day and is expected to be producing in 2022. A third development, Payara, will target sanctioning in 2019 and use an FPSO designed to produce approximately 180,000 barrels of oil per day as early as 2023.
The Stabroek Block is 6.6 million acres (26,800 square kilometers). ExxonMobil affiliate, Esso Exploration and Production Guyana Limited, is operator and holds 45 percent interest in the Stabroek Block. Hess Guyana Exploration Ltd. holds 30 percent interest and CNOOC Nexen Petroleum Guyana Limited holds 25 percent interest.
About ExxonMobil
ExxonMobil, the largest publicly traded international energy company, uses technology and innovation to help meet the world’s growing energy needs. ExxonMobil holds an industry-leading inventory of resources, is one of the largest refiners and marketers of petroleum products, and its chemical company is one of the largest in the world. For more information, visit www.exxonmobil.com or follow us on Twitter www.twitter.com/exxonmobil.
Cautionary Statement: Statements of future events or conditions in this release are forward-looking statements. Actual future results, including project plans and schedules, resource recoveries and production rates could differ materially due to changes in market conditions affecting the oil and gas industry or long-term oil and gas price levels; political or regulatory developments; reservoir performance; the outcome of future exploration and development efforts; technical or operating factors; the outcome of future commercial negotiations; and other factors cited under the caption “Factors Affecting Future Results” on the Investors page of our website at www.exxonmobil.com. References to barrels of oil and similar terms include quantities that are not yet classified as proved reserves under SEC rules but that we believe will be produced in the future and moved into the proved reserve category.
View source version on businesswire.com: https://www.businesswire.com/news/home/20180830005405/en/
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CGX gearing for major harbour project at Crab Island
By Staff Writer August 19, 2018
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The Executive Chairman of the Canadian oil and gas exploration company, CGX Energy, Suresh Narine yesterday stated, that some eight to ten international studies have shown that Crab Island, located on the bank of the Berbice River, is the most strategic location for a deep water port and the company is embarking on major works there.
According to Narine, the location’s proximity to Suriname is also very strategic because “there is tremendous exploration going on in Suriname”.
CGX has some 900 metres of frontage of which some 200 metres has already been cleared out at Crab Island. It is clearly lobbying for the siting of Guyana’s first deep water harbour there. According to Narine, “We have already done the overburdens and vertical drains etc”. He noted, that the company now has a “substantial bid out to do a breakwater along the entire seashore”. He explained, “Here is where we would create a platform into the Berbice River to catch the channel now”….. subscribe to continue.
https://www.stabroeknews.com/2018/news/guyana/08/24/local-oil-support-services-company-says-on-track/
TORONTO, March 2, 2018 /CNW/ - CGX Energy Inc. (TSX-V - OYL) ("CGX Energy" or the "Company") announced today the appointment of Drilling Engineer Michael (Mike) P. Stockinger as Project Operations Manager, who will be in charge of designing the company's next offshore exploration well on the Corentyne Block offshore Guyana. Executive Chairman, Professor Suresh Narine said "we are delighted that Mike Stockinger has rejoined the company as our Drilling Engineer. Mike brings 40 years of experience in the oil and gas business specializing in drilling, completions, and production engineering and operations. He is also no stranger to CGX and the Guyana Basin, having designed and drilled the company's 100% interest Eagle Shallow well on its Corentyne Block and participated integrally in the design and drilling of the company's 25% interest Jaguar well on the former Georgetown block."
Michael Stockinger graduated from Stevens Institute of Technology in Hoboken, New Jersey, with a BS in civil engineering and has significant experience in onshore and offshore drilling and completions operations, including direct involvement in spars, TLP's, FPSO's, subsea "smart wells, and drilling deep subsalt wells. Mr. Stockinger started his career with Texaco in Morgan City, La, as a drilling engineer. He then joined Conoco and worked for 18 years in various positions in drilling and completions both onshore and offshore US and international, including as Drilling Manager for Gulf of Mexico. Subsequently he joined Kerr-McGee and worked for 12 years in various positions including GOM Regional E&P Manager and Vice President for Worldwide Drilling and Completions. During this period Mr. Stockinger was involved in numerous deepwater exploration wells and was responsible for drilling and completions on six spars. In 2006, after Kerr-McGee was acquired by Anadarko, Mr. Stockinger became a consultant and worked as Project Drilling Manager for Remora in Columbia, for Murphy in Australia and Suriname, and for CGX Energy in Guyana..
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CGX Energy Inc. is a Canadian-based oil and gas company focused on exploring for oil in the Guyana-Suriname basin. Our Licences in Guyana cover 9.5 million gross acres, 7.2 million net.
In 1996, the founders of CGX began negotiations with the Government of Guyana to acquire an offshore concession to explore for oil. CGX and others view the Guyana-Suriname Basin as attractive for high-risk exploration for hydrocarbons. The United States Geological Survey (USGS) has identified the Guyana-Suriname Basin as having the second highest resource potential after Greenland among unexplored oil basins in the world. The USGS estimates mean recoverable oil reserves of 15.2 billion bbls and gas reserves of 42 trillion cubic ft.
In June 1998, CGX Resources Inc., a wholly owned subsidiary of CGX, was granted the 10-year Corentyne Licence by the Government of Guyana. The following May, we conducted a seismic program over the offshore portion of the concession, identifying 2 turbidite deep-sea fan targets, Eagle and Wishbone, and two stratigraphic-trap targets, Horseshoe West and East. In June 2000, while setting up to drill on Eagle, the rig CGX had contracted was forced off location by Surinamese gunboats, even though Guyana and Suriname are full signatories to the Law of the Sea Convention. Because CGX had already incurred the financial cost of mobilizing drilling equipment from Italy, we drilled our third-ranked target, Horseshoe West, a stratigraphic-trap play that was abandoned as a dry hole. After drilling Horseshoe, we relinquished 1 million acres with reduced exploration potential and added the 1-million acre Annex extension to the Corentyne Licence in January 2001. CGX Energy received an extension for its Corentyne License to June 2013.
Negotiations to resolve the maritime border dispute between the two countries were ongoing and on February 25, 2004, the Government of Guyana formally commenced binding dispute settlement procedures under the United National Convention on the Law of the Sea (UNCLOS). On September 20, 2007, the International Tribunal on the Law of the Sea (ITLOS) announced the award in favour of Guyana -- see Maritime Border Resolution
In addition, CGX has a 25% working interest in the offshore Georgetown Licence located between the original Corentyne Block and The Annex. This area is subject to a confidentiality agreement with the operator, Repsol-YPF.
In 2004, CGX finalized its purchase of the Pomeroon Block, a 2.8 million acre 100% interest block to the northwest.
Research into onshore activities in Suriname and advancements in technology piqued our interest in exploring the onshore portion of our Corentyne Licence. On September 10, 2003, ON Energy Inc. was incorporated in Guyana, as a wholly owned subsidiary of CGX Energy Inc. ON's principal asset is the Licence rights to the 800,000-acre onshore and near shore portion, the Berbice Block.
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