Wednesday, February 8, 2023

UPDATE: CGX Wei-1 well to be drilled by January 31

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CGX Energy Inc’s Wei-1 prospect is expected to be drilled no later than January 31, 2023 the company said in an update on Monday.

Barring delays, the new timeline has been accepted by the Guyana government and CGX outlined its “continued commitment” to drill Wei-1, following the discovery of light oil and condensate at the Kawa-1 well earlier this year.

The Wei-1 well will be located approximately 14 kilometres northwest of the Kawa-1 exploration well in the Corentyne block, approximately 200 kilometres offshore Guyana and will be drilled in water depth of approximately 1,912 feet (583 metres) to an anticipated total depth of 20,500 feet (6,248 metres).

CGX said the Wei-1 well will target Maastrichtian, Campanian and Santonian-aged stacked channels in a western channel complex in the northern section of the Corentyne block.

Wei-1 is expected to be spud with the Noble Discoverer, a semi-submersible mobile drilling unit.

“The Joint Venture appreciates the collaborative approach taken by the Government in its stewardship of the Guyana basin’s development. The Joint Venture has been in regular communication with NobleCorp, the third-party operator, and the Government of Guyana regarding the timing of spudding the Wei-1 well,” said Executive Co-Chairman of CGX’s Board of Directors, Professor Suresh Narine. “The Joint Venture looks forward to building on the light oil and condensate discovery at Kawa-1 with the spudding of the Wei-1 well in the northern section of the Corentyne Block, offshore Guyana.”

Per the terms of the Corentyne Block contract, CGX was required to spud Wei-1 – the second of two commitment wells on the block – by November 27, 2022.

However, the latest delay was caused by exploration activities of the NobleCorp Discoverer drilling platform. It was scheduled to be in Trinidad and Tobago, for use by Shell, up to October 22, according to Noble’s Fleet Status Report.

The rig was set to arrive in Guyana on October 22.

CGX Energy is the operator of the Corentyne Block and has held a 66.67% stake, up until recently, a deal was made to surrender the majority stake to its partner in the license, Frontera Energy, increasing Frontera’s interest to 68%.

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