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CGX Up 20% at Midday

CGX Energy Inc (OYL.V) is up 20.75% to 32 cents at midday, on volume 937,000.

CGX shares have been steadily recovering this week after plunging 46% to 17 cents Monday morning, after it reported that it has stopped drilling the Jaguar-1 well in Guyana after only 4,876 metres because of safety concerns. Jaguar-1 was a high pressure, high temperature (HPHT) well which was spudded in February 2012 using the Atwood Beacon jack-up rig. While the primary Late Cretaceous objective was not reached, samples of light oil were successfully recovered from two Late Cretaceous turbidite sands.

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The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

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