Thursday, June 30, 2022

CGX Energy says drilling Guyana wildcats to cost $US90 million

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CGX Energy Inc. said it is moving ahead with plans to spud the Kawa-1 and Makarapan-1 exploration wells on its Corentyne and Demerara blocks offshore Guyana.

The Kawa-1 exploration well on the Corentyne block is currently expected to be drilled to a depth of approximately 6,500 metres in water depth of approximately 370m and is slated to be drilled in the second half of 2021. The primary target is a Santonian age, stratigraphic trap, interpreted to be analogous to the discoveries immediately to the east on Block 58 in Suriname. The prospect is named after the iconic mountain overlooking the village of Paramakatoi in the Pakaraima Mountains of Guyana.

The Makarapan-1 exploration well on the Demerara block is currently expected to be drilled to a total depth of approximately 3,500m in water depth of approximately 1,000m. The primary target is an Aptian age, sandstone reservoir. The prospect is named after the Precambrian mountain overlooking the Rupununi Savannahs of Guyana.

CGX said it expects that the total cost of the Guyana exploration program in 2021 will be approximately $90 million, based on presently available information.

The company was granted a one-year extension by the Guyana government last November, on its schedule to drill a well on the Corentyne block.

Guyana blocks map; Source: CNW Group/Frontera Energy Corporation

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