Thanks for the Welcome back Guys, I feel your pain as we all got burnt on 2 duster's, but I haven't given up on this play.

I see this as a great opportunity to take a position at this level, I only see 2 scenario's playing out here.

1. We get taken out which would be more than a double from these levels as just the NAV of CGX with the lisence's, siesmic and well data is worth a bundle.

2. We do JV Partnerships on the Corentyne and Annex lisences and get carried for the cost of a few wells and siesmic on the Annex, and maybe some cash so that CGX can fund their 20% share of JAG 2, similar to what PRE was proposing but differant terms and Partners of which I think PRE will be one.

I'm leaning towards 2 as I don't think PRE wants to give up their position in the Basin and at this point I think PRE is calling the shots since CGX is basicly broke.

Judging how tight the trading has been recently I think who ever wanted out is gone and the rest are not selling at these levels. I think a big NR is comming soon.

GLTA

Zibo