Monday, February 6, 2023

CGX begins drilling operations at Wei-1

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The Wei-1 well in the Corentyne Block 200 kilometres offshore Guyana has been spud, CGX Energy said Monday morning. The Noble Discoverer arrived days ago from Trinidad and Tobago. The Wei-1 exploration well is expected to take approximately 4-5 months to reach total depth.

CGX said the government of Guyana has also 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 (CGX and Frontera) 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, CGX said.

Any future drilling is contingent on positive results at Wei-1, CGX said.

The Wei-1 well is located approximately 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). The Wei-1 well will target Maastrichtian, Campanian and Santonian aged stacked sand channels that are part of a channel/fan complex in the northern section of the Corentyne block.

Professor Suresh Narine, Executive Co-Chairman of CGX Energy’s Board of Directors, commented: “The Wei-1 well is on-trend, and well positioned for success with both Kawa-1 and recent peer discoveries immediately adjacent to the northern section of the Corentyne block. The Joint Venture is grateful for the Government of Guyana’s ongoing support as we worked towards spudding Wei-1 in accordance with the previously agreed terms, and we look forward to potentially delivering another discovery for our shareholders and the Guyanese people.”

Though CGX has no further drilling obligations beyond Wei-1, the government has granted CGX more time with its license to evaluate the potential in the Northern Corentyne area up to two years. This is due to joint venture filing a notice of potential commercial interest in Kawa-1.

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