So, lets run some new numbers - Possible Value of CGX part II. Outstanding shares are now at approx. 330 million shares.

Re-cap of Deal 1: Recently, Tullow bought out EO Group's 3.5% interest in the West Cape Three Points for roughly US $305 Million would suggest: a 1% interest in West Cape Three Points could be valued roughly at US $87 Million.
Re-cap of Deal 2:, the offer made by Ghana / Exxon to buy out Kosmos interest in the 30.875% West Cape Three Points Block and its 18% stake in Deepwater Tano Block for US $4-5 Billion (for the calculation we will use the average of $4.5 Billion) would suggest: a 1% interest of in either of these blocks could be valued at US $92 Million.

Looking at both evaluations above it seems the previous Jubilee related offers have been fairly consistent with one another - in terms of what a 1% interest in a Jubilee type discovery would be valued at.

Assuming that both Jaguar and Eagle come in as predicted (equivalent to Jubilee, around 750 MMBO).

Using a calculation of 1% interest = US $87 Million: CGX's 25% interest in Georgetown and 100% interest in Corentyne could be valued at US $10.875 Billion, or $33 per CGX share. Granted, both Jaguar and Eagle will have to either meet or exceed expectations (equivalent to Jubilee, 750 MMBO). The $33 calculation is merely derived from what others were willing to pay in an similar type analog (i.e. buying into the Jubilee block).

Taking into Account a Larger Fan System in South America vs. West Africa: As stated by Tullow, the fan systems in South America are predicted to be much larger than those in West Africa. If the Jaguar and Eagle Turonian prospects are1.5 times larger than the West Africa Jubilee type plays. This has also been highlighted in a recent Sept-09-2011 report by Tudor, Pickering, and Holt. So, a larger fan system in South America (1.5 times larger) could increase the value of CGX's interest in Corentyne and Georgetown from $10.875 Billion to $16.31 Billion, or $52.72 per CGX share.

Taking into Account the Annex Block and Various Scenarios: Assuming CGX moves forward with shooting 3-D seismic over their 100% Annex block (recall older 2D seismic already idenitified 2 leads on the Annex block: i.e. 6 km long toe thrust, 8 km long amplitude). Let's plug in some different scenarios for Annex.

Annex Scenario I: Annex block has prospect that is 1/4 the size of Jubilee. Using a similar calculation to the above it could be possible that a 1% interest in the Annex block (that has a prospect 1/4 the size of Jubilee) could be valued at $21.75 Million. So adding the Annex Scenario I into the equation could add an additional $2.175 Billion to CGX, or $6.60 per CGX share.

Annex Scenario II: Annex block has prospect that is 1/2 the size of Jubilee. Using a similar calculation to the above it could be possible that a 1% interest in the Annex block (that has a prospect 1/2 the size of Jubilee) could be valued at $43.50 Million. So adding Annex Scenario II into the equation could add an additional $4.35 Billion to CGX, or $13.20 per CGX share.

Annex Scenario III: Annex block has prospect that is 3/4 the size of Jubilee. Using a similar calculation to the above it could be possible that a 1% interest in the Annex block (that has a prospect 3/4 the size of Jubilee) could be valued at $65.25 Million. So adding Annex Scenario III into the equation with Corentyne and Georgetown - CGX could be valued at $6.525 Billion, or $19.77 per CGX share.