CGX Energy Inc. and Frontera Energy Corporation, joint venture partners in the Corentyne block offshore Guyana, have announced a virtual informational presentation scheduled for December 11, 2023. The senior operational and technical team members will lead the session, offering insights into the Guyana-Suriname basin, the Corentyne block, and recent integrated well results.
This announcement comes in the wake of a recent drop in stock prices for both companies following the November 9 disclosure of the exploration results and future plans for the Guyana acreage. Investors appeared disappointed in the joint press release highlighting the discovery of 114 feet of net pay at the Wei-1 well within the Corentyne block. This latest find adds to the overall net pay of 342 feet in the area, including the prior Kawa-1 discovery announced in 2022.
CGX likely to hold on to Corentyne block for two more years | OilNOW
Specifically, the JV’s announcement detailed the breakdown of net pay discovered at Wei-1, comprising 13 feet in the maastrichtian, 61 feet in the campanian, and 40 feet in the santonian. Notably, back in June, the JV had announced the discovery of 210 feet of hydrocarbon-bearing sands in the santonian, considered their primary target.
CGX Energy operates the Corentyne license, and as of September 30, 2023, Frontera holds approximately 76.05% of the issued and outstanding common shares of CGX on an undiluted basis, giving it the voting power to influence all corporate transactions.
