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CGX resumes oil hunt offshore Guyana
Kaieteur News – Canadian based, CGX Energy Inc., along with its joint venture partner, Frontera Energy Corporation, have begun drilling its second exploration oil well offshore Guyana resuming its Guyana campaign.
The Maersk drill ship that has spud the kawa-1 exploration well.
The announcement was made yesterday by the company, as it re-engages its exploration programme in Guyana.
The company has already submitted a bill to Guyana for some US$155M for its first dry well spud, and currently controls the Demerara and Corentyne Blocks.
Making the announcement the Joint Venture partners noted that it has exercised its option to drill a second well with Maersk Drilling Holdings Singapore Pte (“Maersk”) through the use of Maersk Discoverer, drill ship.
Co-Chair of CGX’s Board of Directors and Chairman of Frontera’s Board of Directors, Gabriel de Alba, in making the announcement noted that “today is an important day for CGX and Frontera as we continue to make substantial progress in realising the value of our investments in Guyana.”
He said “the Joint Venture has spud the Kawa-1 well, which we believe is one of the most exciting exploration wells in the world. The Joint Venture has also exercised its option to drill a second well offshore Guyana under similar terms and conditions.”
According to de Alba, “I am pleased with this major operational milestone for CGX and Frontera and appreciate the ongoing support of the Guyanese government, our employees, and our other various partners as we work together to maximise benefits for all of our stakeholders.”
The Joint Venture expects the Kawa-1 well to reach total depth in the first half of December 2021. The Maersk Discoverer, which is on station, is pictured below.
The Kawa-1 well is located in the northeast quadrant of the Corentyne Block, approximately 200 kilometres offshore Georgetown.
The water depth is approximately 355 metres (1,174 ft) and the expected total depth of the Kawa-1 well is 6,685 metres (21,932 ft).
According to the Joint Venture partners, “with multiple opportunities based on internal geological studies, the Kawa-1 well targets light oil in combination structural-stratigraphic traps in large Santonian and Campanian slope fan complexes.”
Additionally, the Kawa-1 well is expected to de-risk multiple other prospects on the Block which also have stacked reservoirs and similar structural geometries.
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