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CGX Energy Files Year-End 2023 Audited Consolidated Financial Statements
Toronto, Ontario--(Newsfile Corp. - March 7, 2024) - CGX Energy Inc. (TSXV: OYL) (" CGX " or the ...
About this update from Cgx Energy Inc.
[{"type":"text","content":"CGX Energy Files Year-End 2023 Audited Consolidated Financial StatementsToronto, Ontario--(Newsfile Corp. - March 7, 2024) - CGX Energy Inc. (TSXV: OYL) (\"CGX\" or the \"Company\") announced today the release of its audited consolidated financial statements for the year ended December 31, 2023, together with its Management Discussion and Analysis (the \"Financial Disclosures\"). These Financial Disclosures will be posted on the Company's website at www.cgxenergy.com and on SEDAR at www.sedarplus.ca. All values in the Financial Disclosures are in United States dollars unless otherwise stated.Company Highlights:Wei-1 Well StatusAs previously disclosed, the Wei-1 well was drilled by the Company and Frontera Energy Corporation (\"Frontera\"), joint venture partners (the \"Joint Venture\"). On June 11, 2023, the Company reached a significant milestone with the Wei-1 well, achieving a depth of 20,450 feet. Subsequently, wireline logging operations were successfully completed by June 23, 2023, and operations related to Wei-1 concluded by July 5, 2023, resulting in the release of the drilling rig.During the drilling process, the Wei-1 well encountered multiple oil-bearing intervals in the northern part of the Corentyne block. These formations span various geological ages, including Maastrichtian, Campanian, and Santonian. Notable findings include the presence of medium sweet crude oil with an API of 24.9 in the Maastrichtian interval. The Campanian interval confirmed the presence of moveable hydrocarbons through downhole fluid analysis.The Joint Venture believes that the rock quality discovered in the Maastrichtian 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 228 feet of net pay in Kawa-1 and 114 feet of net pay in Wei-1, as summarized below:Feet of Net PayWei-1Kawa-1Maastrichtian1368Campanian6166Santonian4076Coniacian*-18Total Net Pay114228 * Coniacian targeted in Kawa-1 well only.An independent third-party laboratory conducted an analysis of the rock and fluid properties of the Campanian and Santonian intervals in the fourth quarter of 2023. This data showed low permeabilities in the Kawa-1 and Wei-1 penetrations.The Joint Vent...