Guyana: Hopes for Oil Discovery Gone Cold
January 29, 2008
Recent press release by CGX Energy Inc, Canadian based oil and Gas Company focused on oil recovery in the Offshore Guyana Basin retained Gustavson Associates LLC of Boulder, Colorado, U.S.A. (Gustavson), a global consulting firm to access its potential in recovering oil in perspective basins in Guyana.
The report dated January 3rd, 2008 explicitly states “No commercial discoveries have been made in the offshore Guyana basin and hence there have been no reserves found.” (Read the report) The report further notes (taking historical data into account) that there is a 61% chance of no oil discovery. As of January 29th, 2008 common shares of CGX Energy Inc, (stock Symbol CGXEF) on the OLY.U Exchange has been trading at about $3.80 on average (Opening Price 1/29/2008).
Over the past few months I have been keeping a close eye with the potential to buy but the stock has been extremely volatile. Recent report by Gustavson convinced that the potential gains to be had are slim. November, 2007 CGX Energy Press release… Jefferies Randall & Dewey, a division of Jefferies & Company, Inc was retained to market the joint venture opportunity on the company’s Corentyne Petroleum Prospecting License located offshore Guyana.
To date there has not been any legal updates to any venture capitalist interest and agreement, but the hope according to CGX Energy Inc is for the first quarter of 2008. On a personal note, I hope energy is recovered. For one it would help to retain the investors and second attain new partnering ventures and third it would be healthy for the Republic of Guyana.
Report by Torch Research Services INC, April 2004 on the historical and future prospects of CGX Energy Inc.
Visit CGX Energy Inc website for a more indept look at the current energy exploration attempts in Guyana.
A must read by Luisa CH. Savage of Petroleumworld News.
Andrew
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