Monday, February 6, 2023

CGX searches for vessels, services ahead of July drilling of Wei-1 well in Corentyne Block

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CGX Resources Inc. is in search of some vessels and services to support its drilling of the Wei-1 well in the Corentyne block in July, using the Maersk Discoverer rig.

The company is planning to place agreements for three offshore support vessels and one fast support vessel, according to an advertised Request for Information (RFI).

Other RFI’s indicate that CGX is in search of directional drilling services, tubular running services, mud logging services, drilling fluids and related services.

The RFIs, which were issued on March 2, indicate that information in response is due on March 16.

Pursuant to new local content statutes, the company is encouraging interested parties to register with the local content secretariat, but noted that accessing or responding to the RFI does not require registration on the local content register.

CGX Energy Inc. said that the drilling of Wei-1 will take three to four months. It had announced last Friday that a financing agreement was entered into with its Corentyne block partner, Frontera Energy Corporation, for a US$35 million loan to foot costs related to the Corentyne block and others.

This follows the drilling of the Kawa-1 well, in which CGX discovered hydrocarbons in January, but plugged and abandoned, describing it as a “finder well”. Exploration manager, Jennifer Budlong, said the development opportunity unlocked by Kawa-1 was not abandoned, and that appraisal work is on the cards. She also said that the findings at Kawa-1 support further exploration of the Corentyne block, including the decision to drill Wei-1.

CGX is the operator of the Corentyne block with a 67% stake. Frontera holds the remaining 33%.

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