CGX’s Wei-1 well in Corentyne Block to cost US$195M

Jun 15, 2023 ExxonMobil, News, Oil & Gas

– reaches 71 feet of net oil pay

Kaieteur News – Canadian oil explorer, CGX Energy Inc., announced this week that it encountered an aggregate of approximately 71 feet of net oil pay after drilling the Wei-1 bypass well in the Corentyne block.

In a statement the company said the original or initial Wei-1 wellbore reached a depth of 19,142′. However, bypass exploration and appraisal well was drilled from 18,757′ to total depth and penetrated the primary Santonian targets of the well in the western complex in the northern portion of the Corentyne block.

Following the bypass, CGX said data collected from Logging While Drilling and cuttings indicate multiple hydrocarbon shows in the primary target reservoirs in the Santonian interval. It said results from the well are encouraging, adding that data acquisition is ongoing via wireline logging and side wall core sampling. Kaieteur News understands that an update on the well results will be provided when the acquisition and evaluation has been finalised.

Furthermore, CGX said results from the well are consistent with pre-drill expectations. It said too that the well has confirmed the company’s geologic and geophysical assessment of the block.

As operations continue, CGX and its partner, Frontera Energy Corporation have agreed to revise its total Wei-1BP1 cost estimates to approximately US$190-US$195 million to complete the logging runs, finish well operations, and release the rig. The additional costs are primarily due to the lost sampling tool and the drilling of the bypass well. The well was drilled by CGX and Frontera Energy Corporation. CGX holds a 32.00% participating interest with Frontera holding the remaining 68.00% participating interest in the Corentyne block, in offshore Guyana.