Zibo, what you're saying makes a lot of sense. The consortium (Tullow/Repsol/CGX) appears to be set for the Georgetown PPL. CGX has been reduced to 20% to give the operator (Repsol) a greater share, as required by the Guyanese government, and the consortium has expressed their intention to drill Jaguar-2. Apparently, this is scheduled for late 2013. Hopefully the consortium has also seen enough from the 3D of the big blob to the west of Jaguar that they will eventually want to drill there too. In any case, there is a lot of drilling to be done and CGX is essentially broke. As a major shareholder, PRE will back them to some extent, but they will not want to bet the farm, so CGX will have to come up with much of their share of the drilling costs for Jaguar-2. This leads to your scenario where CGX will end up giving up 75% to 80% of the Corentyne and Annex PPLs.

I believe that CGX will not be the operator of any of the drilling programs in the Corentyne PPL either (thank God, as you say) and, similar to the Corentyne, will be required to relinquish 80% to others, including 20% to the eventual operators. It's possible/likely that the Albian plays will be JV'd by someone (Inpex?) other that the eventual operators of the Turonian/Campanian play (Eagle Deep). There appears to be a lot of interest in offshore Guyana, and it looks as though Eagle Deep is attracting its fair share of interest so there is no shortage of possible JV partners that we could speculate about. As part of the Corentyne license, the Annex has an expiry date of June 24, 2013, so seismic will have to be shot very soon to evaluate its potential. Therefore, as you suggest, I too expect JVs for the Corentyne to be announced, where CGX will retain a significant share, but which puts operatorship and majority ownership in the hands of majors. This, hopefully, will give CGX a carried interest on the Corentyne drilling program, fully-paid seismic in the Annex, as well as some serious cash to put towards Jaguar-2.

And as you state, "...this stock will still have huge potential if CGX can hang onto 20% to 25% of the PPLs and be in on a successful well."