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Future drilling in Corentyne Block hinges on success of Wei-1 Well – CGX – Kaieteur

Map showing the location of the proposed oil and gas exploration well, Wei-1 Corentyne Block Guyana
Map showing the location of the proposed oil and gas exploration well, Wei-1

Kaieteur News

GEORGETOWN
EnergiesNet.com 01 24 2023

Canadian oil company, CGX Energy Inc. and its affiliate, Frontera Energy Corporation, on Monday announced that the joint venture has spud the Wei-1 Well in the Corentyne Block, but future drilling at that offshore location will only be announced if positive results are recorded from that operation.

The Wei-1 Well is located approximately 200 kilometers offshore Guyana.

In a statement, the joint venture explained, “The Government of Guyana has approved an Appraisal Plan for the northern section of the Corentyne block which commenced with the Wei-1 well. Following completion of Wei-1 drilling operations and upon detailed analysis of the results, the Joint Venture may consider future wells per its appraisal program to evaluate possible development feasibility in the Kawa-1 discovery area and throughout the northern section of the Corentyne block.

It was keen to noted however that, “Any future drilling is contingent on positive results at Wei-1 and the Joint Venture has no further drilling obligations beyond the Wei-1 well.” The Wei-1 well is located some 14 kilometres northwest of the Joint Venture’s previous Kawa-1 light oil and condensate discovery and will be drilled in water depth of approximately 1,912 feet (583 metres) to an anticipated total depth of 20,500 feet (6,248 metres). It will target Maastrichtian, Campanian and Santonian aged stacked sands within channel and fan complexes in the northern section of the Corentyne block. The well is expected to take approximately four to five months to reach total depth.

Kaieteur News reported that CGX Energy Inc and Frontera Energy Corporation commenced the drilling operation offshore on January 14. The public was informed of the activities by the Maritime Administration (MARAD), which in a public notice also noted that the operation should conclude on June 30 this year. The vessels OSV Breaux Tide, OSV Aldemir Souza Tide and OSV Saavendra Tide will be incorporated during the activities.

Executive Co-Chairman of CGX’s Board of Directors, Professor Suresh Narine, said yesterday “The Joint Venture is pleased to announce that it has spud the Wei-1 well offshore Guyana, and that the Government of Guyana has approved the Joint Venture’s appraisal program. Wei-1 will appraise both the Kawa-1 discovery as well as explore additional opportunities within the Corentyne block. The Wei-1 well is on-trend and positioned for success with both Kawa-1 and recent peer discoveries immediately adjacent to the northern section of the Corentyne block.”

He added that the joint venture is grateful for the Government of Guyana’s ongoing support as it works towards spudding Wei-1 in-line with the previously agreed terms.

In November last year, the oil company announced the postponement of drilling operations at the Wei-1 Well. At the time, it said the operations would commence no later than January 31, 2023. Under the terms of the Licence for the Corentyne block, the Joint Venture was previously required to spud Wei-1, the second of two commitment wells on the block, by November 27, 2022.

Meanwhile, Chief Executive Officer of Frontera, Orlando Cabrales noted, “We are very excited about the potentially transformational opportunity that is now before us on the Corentyne block in one of the most exciting exploration areas in the world and we look forward to safely and successfully drilling the Wei-1 well and potentially extending the Joint Venture’s recent light oil and condensate discovery at the Kawa-1 well.”

CGX is a Canadian-based oil and gas exploration company focused on the exploration of oil in the Guyana-Suriname Basin and the development of a deep-water port in Berbice, Guyana. Frontera Energy Corporation is a Canadian public company involved in the exploration, development, production, transportation, storage and sale of oil and natural gas in South America, including related investments in both upstream and midstream facilities. The Company has a diversified portfolio of assets with interests in 32 exploration and production blocks in Colombia, Ecuador and Guyana, and pipeline and port facilities in Colombia. Frontera is committed to conducting business safely and in a socially, environmentally and ethically responsible manner.

kaieteurnewsonlines 01 23 2023

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