Guyana’s Maritime Administration Department (MARAD) said in a notice dated December 31, 2021, that CGX Energy will continue exploration drilling at the Kawa-1 prospect this month.
“This operation is scheduled to conclude on February 05, 2022,” MARAD said.
Kawa-1 is located on the Corentyne Block approximately 90 nautical miles (167 kilometers) offshore Guyana and covers an area of 4.7 square nautical miles.
CGX said in December that Horizon 19, the first of three geological zones targeted, was penetrated and that preliminary shows indicate the presence of hydrocarbons in several Campanian and upper Santonian formations.
The company has indicated that while exploration drilling is progressing, it is unfortunately taking longer than originally forecast and costs are therefore projected to increase. It was originally reported to cost approximately US$80M. But the current cost estimate of the Kawa-1 well is now pegged at approximately US$115-$125 million.