Monday, August 15, 2022

CGX says early wireline logging results confirm landmark discovery

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CGX Energy Inc. and Frontera Energy Corporation (TSX: FEC) said on Monday that Kawa-1 early-stage Wireline Logging results confirm the Logging While Drilling (LWD) indications previously disclosed on January 31, 2022, with a total of 200 feet of net pay encountered at multiple depths.

“Further analyses of logs and samples are ongoing. The Joint Venture will provide an update when these activities are complete,” the partners said.

They pointed out that as a result of the initial positive results at the Kawa-1 exploration well, the Joint Venture will focus on the significant exploration opportunities in the Corentyne block and will not engage in drilling activities on the Demerara block in 2022, as previously outlined on February 16, 2021.

“The Joint Venture is currently engaged in discussions with the Government of Guyana regarding the Demerara block and will provide an update on such discussions as soon as a conclusion has been reached,” the partners said.

The Kawa-1 well was drilled to a depth of 21,578 feet (6,578 metres) on the northern section of the block and encountered hydrocarbon-bearing reservoirs within Maastrichtian, Campanian and Santonian horizons.

The partners said the intervals at Kawa-1 are similar in age and can be correlated using regional seismic data to recent successes in Block 58 in Suriname and the Stabroek Block in Guyana. They said too that Kawa-1 also encountered hydrocarbon-bearing sands in deeper strata (Coniacian or older). The companies said this will be analyzed and could become the target of future appraisal opportunities.

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