CGX Energy (TSE:OYL) has released an update.
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CGX Energy Inc. has released its audited consolidated financial statements for 2023, revealing significant oil findings in the Wei-1 well, part of a joint venture with Frontera Energy Corporation. The well has encountered multiple oil-bearing intervals with promising rock quality comparable to major discoveries in the region, indicating potential for new oil resource development. The company’s successful drilling results highlighted 114 feet of net pay in Wei-1, adding to a previous discovery of 228 feet in Kawa-1.
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