Saturday, April 1, 2023

CGX, Frontera to inject up to US$130M for more exploration at Corentyne block

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Following the positive results from the Kawa-1 well after more than 20 years of seismic data acquisition and drilling offshore Guyana, partners Frontera Energy and CGX Energy intend to expend some US$130 million on further exploration at the Corentyne Block, targeting the Wei-1 well.

In a company statement on Wednesday, Chief Executive Officer of Frontera, Orlando Cabrales described Wei-1 as the partners’ second high impact exploration well in the “most exciting offshore basin in the world.”

The Wei-1 exploration well will target Campanian and Santonian aged stacked channels in the western fan complex in the northern section of the Corentyne block.

The Wei-1 well is named after one of the tallest peaks in the Pakaraima mountain range, which has commanding visibility over the surrounding terrain. Wei Tepu was historically used as a sentinel post by the Patamona People to guard against attacks.

Added to that, the company statement outlined that CGX is looking to advance the construction of the Berbice Deepwater Port Project with some $10 million intended to continue infrastructural works there.

Active construction continues at the port on the bridge from Corentyne Highway, rip rap flood protection, the extension of electricity infrastructure to the port site and quayside laydown yard.

Further, works continue to advance on the infrastructure to deliver potable water to the port, with all permits and permissions in place. Requests for proposals have been advertised for the wharf platform and access trestle, capital dredging program, design and construction of all gates, buildings and fences, design and construction of firefighting and first aid structures and covered storage areas.

By the third quarter of this year, the Offshore Supply Base portion of the port is expected to be fully operational with the Multi-Purpose Terminal, servicing agricultural, general, and containerized cargos being fully operational at the end of the fourth quarter of 2023.

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