Guyana’s Ministry of Natural Resources said in a statement on Wednesday that further evaluation will determine the potential commercial viability of the Wei-1 discovery in the Corentyne Block. While CGX Energy Incorporated and Frontera Energy Corporation have made significant progress in their exploration efforts, an additional 2-3 months of analysis are needed to confirm net pay in the Santonian interval, CGX’s primary target.
The drilling operations, which commenced on January 21, 2023, yielded promising results thus far. Hydrocarbon-bearing sandstone reservoirs have been discovered within the Maastrichtian, Campanian, and Santonian intervals. Notably, the Maastrichtian and Campanian intervals have demonstrated a substantial net pay of 77 feet (23.5 metres).
Preliminary investigations, utilising wireline logs and core samples, have identified 210 feet (64 metres) of hydrocarbon-bearing sands within this interval. These findings are yet to be confirmed as no physical samples were obtained.
To determine the net pay and establish a solid basis for evaluating the Santonian interval, CGX Energy is enlisting the services of an independent third-party laboratory. This laboratory will conduct a thorough analysis of the rock and fluid properties extracted from the Santonian core. The analysis is what is anticipated to take 2-3 months.
The Wei-1 discovery represents a significant milestone in Guyana’s efforts to prove commercial hydrocarbons outside of the highly prolific ExxonMobil-operated Stabroek Block. If confirmed, the discovery at Wei-1, of 287 total feet of net pay, would be among the largest made offshore Guyana.
Wei-1 is the second discovery of oil and gas in the Corentyne Block, after Kawa-1.
