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CGX and its partner Frontera gave a comprehensive presentation focused on the shallow Maastrichtian (Maas.) resource potential on the Coryentyne Block in Guyana. The partners have pivotted to focus on the Maas. as opposed to the pre-drill primary targets in the deeper horizons as the results from the Maas. were better than expected, making it is a cheaper and easier play to drill and the reservoir quality from the deeper horizons turned out to have lower permeability than expected. The partners
Companies: CGX Energy Inc. (OYL:TSX)CGX ENERGY (OYL:TSE)
Hannam & Partners
CGX and its partner Frontera announced the discovery of 35m of net pay at the Wei-1 well on the Corentyne block in Guyana. The Joint Venture believes that the rock quality discovered in the Maastrichtian (“Maas”) horizon in the Wei-1 well is analogous to that reported in the Liza Discovery on Stabroek block. Results further demonstrate the potential for a standalone shallow oil resource development across the Corentyne block. The Joint Venture has discovered total net pay of 104 meters to date o
CGX announced last week that it has secured funding for its share of the additional Wei-1 well costs. CGX continues with the financial closing of the Wei-1 well and expects final costs to be in US$190-$195mm range. CGX is required to fund its 32% interest, after partner carry, of approximately US$16-17mm. Following the successful completion of Wei-1 well drilling operations the CGX/Frontera (FEC) JV has agreed to amend the agreement originally signed on January 30, 2019 and subsequently amended
AUCTUS PUBLICATIONS ________________________________________ ADX Energy (ADX AU)C; target price of A$0.100 per share: Exploration portfolio update in Austria: larger volume, lower risk – The exploration portfolio in Upper Austria is now estimated to hold 213 mmboe of best technical prospective resources (previously 200 mmboe) in 20 prospects. The importance of the upgrade is as much about risk reduction as it is about resources increase. The expansion of the portfolio also provides new opportuni
Companies: ENI ALV ADX CE1 ALV OYL FEC JSE RHC RHC TXP PNOR OYL SQZ CASP MEN CNE TRIN SOU I3E ZPHR NOG DEC PRD PNOR ENI
Auctus Advisors
Oil rises on US stock draws
Companies: OYL FEC TXP OYL PANR I3E
SP Angel
CGX Energy holds a 32% participating interest with Frontera holding the remaining 68% interest in the Corentyne block, offshore Guyana. CGX announced today that it has successfully reached total depth (TD) of 20,450 ft, in line with planned TD of 20,500 ft, on the Wei-1BP1 (Wei-1 bypass exploration and appraisal well) after the original Wei-1 wellbore reached a depth of 19,142 ft. The bypass well penetrated the primary Santonian targets of the well in the western complex in the northern portion
The flagship conference featured senior executives from the major energy company participants in Guyana such as Exxon, Hess and CGX as well as many senior politicians in the wider region (e.g. Trinidad & Tobago and Colombia); Hannam & Partners was also in attendance. The conference was a showcase for Guyana’s plans to advance its energy sector as it begins to claim its status of a superpower among the top global oil players. Guyana is expected to experience the fastest economic expansion of a de
The Wei-1 well on the Corentyne block (CGX 32% stake; Frontera 68%) in Guyana has been spudded by the Noble Discoverer rig and we expect the well to take around four months to reach target depth. The Wei-1 well will target Maastrichtian, Campanian and Santonian-aged, stacked channels in a western channel complex in the northern section of the Corentyne block. Exploration consultancy Westwood Global Energy identified Wei-1 as one of its high impact wells for 2023 and views it as a proven play tes
UK grid under pressure again
Companies: OYL FEC CNE OYL CNE NWMD
Research Tree provides access to ongoing research coverage, media content and regulatory news on CGX ENERGY. We currently have 9 research reports from 3 professional analysts.
Since November, the JOG share price has moderated from a high of 250p to current levels of 149.5p. This is despite JOG having now made significant progress towards FID on its c.70mmboe Buchan project, with FID upcoming later this year. In our view this share price move is unjustified, with current levels further enhancing the value on offer, and making an attractive opportunity for investors.
Companies: Jersey Oil & Gas PLC
Zeus Capital
i3 Energy has announced that it has refinanced its Trafigura straight-line amortising facility with a traditional RBL facility provided by a Canadian chartered bank. We believe that i3 Energy's shareholders stand to benefit considerably from the restructured balance sheet because it is significantly better adapted to the company's needs, in our opinion. We believe the new RBL facility will free funds for growth and provide better long-term balance sheet stability, while significantly reducing in
Companies: i3 Energy Plc
WHIreland
i3 has announced a refinancing of its C$75m Trafigura debt facility, increasing liquidity for the company to pursue further growth initiatives. i3 has also announced its end 2023 reserves update, showing significant replacement of production during the year.
Diversified Energy, Touchstone Exploration, Savannah Energy, Chariot, Plexus Holdings, Energean, Gulf Keystone Petroleum, PetroTal Corp, Ithaca Energy, Pantheon Resources, Serinus Energy, Angus Energy, Aker BP, Equinor, BlueNord ASA, Invictus Energy Source: FactSet, weekly change 18/03/24-22/03/24 Oil edged lower to settle below $81 a barrel after a stronger dollar curbed investor appetite for commodities, offsetting signs of a tighter global crude market. Refined product supplies are looking m
Companies: TXP POS SAVE DEC CHAR
Cavendish
Companies: Good Energy Group PLC
Canaccord Genuity
Results demonstrate Bretana cash flows that allow growth CAPEX and dividends. PetroTal has produced a solid set of 2023 results. These show the cash flow generating capability of the company’s Bretana field in Peru, which enables PetroTal to both expend growth CAPEX while also making material returns to shareholders.
Companies: PetroTal Corp.
Companies: FOG PEB KBT EMR TIME GETB JNEO
The company's business structure is evolving and diversifying into several compelling and complementary businesses. The opportunistic, potential sale of its producing shallow assets would represent a significant change and the company's openness to realise value from that sale speaks to the company's prioritisation of shareholder interests and shareholder value creation. The current year will be significant for many of the company's growth businesses as they establish their first significant com
Companies: Caspian Sunrise PLC
• YE23 2P reserves were estimated at 11.8 mmboe, including 0.7 mmboe for Canada and 4.6 mmboe non-core, leaving 6.5 mmboe for the company’s core Colombian assets. This compares with 2.1 mmbbl at YE23 plus 3.9 mmbbl for Carrizales Norte reported in September for a total of 6 mmbbl. Adding back 0.6 mmbbl (net) produced at Tapir in 2023 suggests that Arrow has added 1.1 mmbbl at its core Colombian assets since the latest reserve reports (September 2023 for Carrizales Norte and YE23 for the other a
Companies: Arrow Exploration Corp.
Central Asia Metals (CAML LN) reported full year earnings with net revenue of US$197m down 12% YoY (-1% against VSA estimate) owing to lower commodity prices and modestly lower output albeit comfortably within guidance. EBITDA of US$97m was down 27% YoY marginally below our estimate as the lower top line combined with inflationary pressure. However, group COGS ex-D&A increased 8% YoY, far lower than in-country inflation. A flagged increase in taxation in Kazakhstan meant that net income was US$3
Companies: Central Asia Metals Plc
VSA Capital
Companies: Diversified Energy Company PLC
Tennyson Securities
• FY23 production, YE23 net cash and YE23 reserves and resources had been reported previously. • The FY24 production guidance of 21.5-24.5 mbbl/d with US$205-235 mm opex and US$135-155 mm capex has been re-iterated. • Current production continues to be high, with average production for the first half of March of ~23,000 bbl/d, including ~7.9 mbbl/d for Jasmine, 7.2 mbbl/d for Nong Yao, 2.9 bbl/d for Manora and 4.9 mbbl/d for Wassana. Production at Wassana is particularly high. • Valeura will als
Companies: Valeura Energy Inc.
Companies: PMG DUKE CMCL BOOM
Companies: FOG TND BVXP ACC HDD
Companies: Pantheon Resources plc
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