CGX Energy Inc Guyana Offshore Oil Exploration
Written by admin on February 17th, 2008CGX Energy Inc holds 3 oil exploration licences offshore Guyana stretching 400 km from the Venezuelan border in the north to the Suriname border in the south. With the 3 licences CGX holds 9.8 million gross acres; 7.7 million net from the government of Guyana.
Yes, indeed, this is the offshore South American oil exploration tract given the name “gunboat basin” in a series of teaser newsletter ads which originated with Christian DeHaemer’s Crisis Trader and previously written about in the Taipan Investor a couple of months ago. The story is a compelling one that brings a lot of drama to the world of offshore oil exploration and the stakes involved in controlling promising tracts in an oil hungry world.
CGX has so far held up fairly well in the brutal market conditions of the past few months. The stock (cgxef) is trading about $3.66 a share, slightly higher than when I first came across the teaser ad.
CGX Energy has an interesting website that gives a good look at exactly where their holdings are located. With the recent large scale Petrobras oil discoveries to the South off the coast of Rio, South American exploration fields have received a new round of interest.
Disclosure: As previously disclosed the Taipan Investor does have a long term position in CGX Energy Inc.
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Tags: gunboat basin, Guyana, oil exploration
