CGX looking to spud Kawa-1 well later this year, forging ahead with deep water port

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CGX Resources Inc. (CRI), operator of the Corentyne and Demerara blocks offshore Guyana, said on Tuesday it continues to pursue its exploration program in the South American country and will look to spud the Kawa-1 exploration well on the Corentyne block in the second half of 2021.

“Well design is completed, and procurement of long lead items and recruitment of key technical staff are in advanced stages,” the company said. “CRI expects to drill the Kawa-1 exploration well in a water depth of approximately 1,100 feet targeting the Santonian level.”

The company also announced the appointment of Professor Mark D. Zoback to the Board of Directors of and Ms. Jennifer Budlong, as Exploration Manager.

“Professor Zoback will bring a wealth of experience to the Company’s Health, Safety and Environment Committee and its Reserves Committee. His focus on safety and best practices will be invaluable as the Company moves to drill exploration wells on its Corentyne and Demerara Blocks. I am excited about the progress in the Company’s exploration program and the contributions that Professor Zoback will be able to make to those efforts,” said Mr. Gabriel de Alba, Co-Chair of the Board.

Meanwhile, the company said Ms. Budlong is an experienced geoscientist with more than 20 years in domestic and international basins worldwide. Prior to joining CGX Energy, she established an impressive record of exploration success at Maersk Oil and Venari Resources with major Gulf of Mexico discoveries, where she was the project geoscientist. She has held senior level positions with companies such as Shell, BHP, Maersk Oil and Venari Resources. Ms. Budlong holds a master’s degree in Geology and a bachelor’s degree in Earth Science from Texas A&M University.

“Ms. Budlong is an accomplished geoscientist with an exceptional record of exploration success. We look forward to her leadership of our sub-surface team as it undertakes its drilling exploration program on its Corentyne and Demerara blocks,” said Mr. Michael Stockinger, Vice President of Operations.

Berbice Deep Water Project Update

CGX also announced that its Berbice Deep Water Port, which is currently under construction, will encompass both oil and gas offshore operations support as well as agricultural and general cargo. The project, with current estimates for a fully developed port involving investment in the range of US$130M, targets full operation of the oil and gas support base in early 2022 and full operation of the cargo terminal aspects of the port in 2023.

The company said the engineering designs, permitting, marketing and ongoing civil works are all on schedule to meet these targets. The Port, which is located adjacent to Crab Island on the Eastern Bank of the Berbice River, is 4.8 km from the Atlantic Ocean.

CGX subsidiary, Grand Canal Industrial Estates (GCIE), expects that the Port will significantly boost local content engagement in the oil and gas sector and add enhanced logistics capacity for import and export, including expandable capacity to accommodate the possibility of increased product flow to and from the southern states of Brazil.

Due to its location close to Suriname, the Port’s oil and gas support functions will also help to serve the rapidly growing offshore exploration and development activities in that country’s oil and gas sector. The Port will also add significant capacity to the agricultural sector, supporting rice, sugar, agro-processing and agricultural materials. GCIE expects that during the construction phase, approximately 1,000 individuals will be directly employed, with approximately 300 full time employees engaged in the long-term operations of the Port.

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