Monday, March 27, 2023

CGX encounters hydrocarbons in shallow zones of Wei-1 well, deeper horizons up next

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The first round of drilling at CGX Energy’s Wei-1 prospect in the Corentyne Block has yielded positive results.

Drilling commenced at Wei-1 late January with the Noble Discoverer.

In an update on March 2, CGX reported that the first prospective geologic horizons in the Upper Maastrichtian “have been successfully drilled” and the geophysical logs are currently being obtained in the open hole section within which hydrocarbon shows were encountered.

Drilling has been ongoing at 15,400 feet measured depth, ahead of schedule.

CGX’s Wei-1 exploration drilling “going extremely well” – Dr. Narine | OilNOW

CGX said it has had no lost time, safety or environmental incidents since starting operations at Wei-1.

Operations have paused to allow for wireline logs (collecting data from a borehole) and when it resumes, CGX said deeper prospective horizons in the Lower Maastrichtian, Campanian and Santonian sections will be targeted.

The Wei-1 well is located approximately 14 kilometres northwest of the previous Kawa-1 light oil and condensate discovery and is being 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 is targeting 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 from well spud to reach total depth.

CGX, in its announcement, reminded that the Guyana government approved its Appraisal Plan for the northern section of the Corentyne Block, kickstarted by drilling at Wei-1.

But future drilling activities hinge on the results from Wei-1.

CGX noted “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. 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 Corentyne Block appears to be the best bet for Guyana’s first offshore development outside of the Stabroek Block. The costs associated with drilling the well are generally recoverable if the project moves to production.

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