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CGX Energy, Inc. (TSX: OYL.VN) Trying to Steady the Ship After Drilling on Jaguar-1 Well Halted

Posted on July 18, 2012 by OTC Equity

Shares of CGX Energy, Inc. (TSX: OYL.VN) have taken a beating since Monday, the day the company announced that they, along with their partners, had elected to plug the Jaguar-1 well at a depth of 4,876 meters, failing to reach the primary objective in the Late Cretaceous geologic zone. Prior to the announcement shares of OYL.VN had closed at 0.43 on Friday but following the news those shares plummeted as low as 0.17 and while they managed to climb back to 0.30 by the end of the day they have struggled to gain any kind of momentum and are currently holding around the 0.25 level. The decision to halt the exploratory high-pressure Jaguar-1 well, located off Guyana, was made due to safety concerns related to pressure design limits. All four partners in the consortium on the Georgetown Petroleum Prospecting License, Repsol Exploracion S.A (15%), as operator, along with YPF Guyan...

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