Canaccord Late Edition (from SH)
posted on
May 30, 2012 09:10AM
Edit this title from the Fast Facts Section
CGX ENERGY (V-OYL)
.395 -0.02
Yesterday, CGX Energy made an announcement that looks
like their financial problems are behind them...and now we
wait for the results on Jaguar.
Interesting to see that Pacific Rubiales, that already owns
about 18% of CGX, now will own 35% to 40% of the company
as they pay $30 million to buy an additional 58 million shares.
President Kerry Sully tells us that they’ve spent much of
the last three weeks talking to everyone from majors, to juniors,
to whatever and that Pacific Rubiales remained
“incredibly keen” on the Jaguar so the deal was done. Also
Pacific Rubiales was able to move incredibly quickly.
As far as the Jaguar, Sully suggests that they are on
schedule and the 180-day drilling should come in around the
end of July. He reminds us that this is a well that will not be
tested, because of the incredibly high pressure and heat.
They will be using North Sea standards, so you will know
pretty quickly whether they have something...or not. He says,
“there will be no doubt as to what one might have.”
Meanwhile, Sully tells us that seismic data shot a while
ago is now starting to come in and on the Correntyne Block
alone they might have as many as three obvious targets.
Work still continues on the other block.