Page 14 - LatAmOil Week 32 2021

LatAmOil NEWS IN BRIEF LatAmOil

INVESTMENT fan in a combination structural and stratigraphic and associated services to drill the Kawa-1 well
trap. Trapping of hydrocarbons within Campa- on the Corentyne offshore block. This Drilling
Petrobras begins nian to Santonian aged sandstone reservoirs is Contract also includes one optional well on the
expected to be provided by a pinch-out of the Demerara block. In conjunction with the Drill-
sale of E&P assets reservoir section up-dip. ing Contract between CRI and Maersk, Frontera
entered into a separate Deed of Guarantee with
The Kawa-1 well will also penetrate second-
in Potiguar basin ary objectives in a shallower Campanian sand Maersk on April 30, 2021 for certain obligations
and a deeper Santonian sand which the Joint in connection with the day rates under the Drill-
Petrobras, following up on the release disclosed Venture believes has additional hydrocarbon ing Contract on behalf of CRI, up to a maximum
on July 9, 2021, informs the beginning of the potential. The stacked primary and secondary of $25mn subject to a sliding scale mechanism
binding phase regarding the sale, together with Kawa-1 targets are considered analogous to the in connection with payments made under the
Sonangol Hidrocarbonetos Brasil Ltda. (Sonan- discoveries immediately adjacent to the Coren- Drilling Contract. Frontera and the Company
gol), of all stakes of both companies in the tyne block in Block 58 in Suriname. also entered into an agreement pursuant to
onshore exploratory block POT-T-794, belong- Proximity of the Corentyne block to the which all amounts drawn under the Deed that
ing to the BT-POT-55A concession, located in Cretaceous Berbice Canyon sediment source are attributed to CRI’s share of the Joint Venture
the Potiguar Basin, in the state of Rio Grande do is interpreted to have concentrated sandstone costs, shall be guaranteed by the Company.
Norte. reservoirs in the North Corentyne area. Chan- During the second quarter, CRI secured all
Potential buyers qualified for this phase will nelised, stacked internal fan geometries evident necessary contracts for the drilling of Kawa-1
receive a process letter with detailed instructions on 3D seismic are indicative of thick, stacked, and commenced operational activities to meet
on the divestment process, including guidelines coarser-grained sand reservoirs. The Joint Ven- the targeted spud window.
for due diligence and the submission of binding ture expects the Kawa-1 well will reach total CRI contracted a pore pressure analysis of the
proposals. depth in approximately 85 days. Corentyne Kawa-1 prospect and the Demerara
About the BT-POT-55A concession: The The Joint Venture has assembled a highly Makarapan-1 prospect. The Corentyne Kawa-1
concession was acquired in 2006 in the 7th qualified and experienced team for the drilling prospect was completed by P-Ten in February
Bidding Round of Blocks held by the National campaign, with extensive deepwater drilling 2021 and the Demerara Makarapan-1 prospect
Agency of Petroleum, Natural Gas and Biofuels expertise from operations around the globe, was completed by P-Ten in April 2021.
(ANP). Petrobras holds a 70% stake and Sonan- including the Guyana Basin. In February 2021, CRI contracted Petrostrat
gol, the concession operator, holds the remain- Progress on the construction of the Compa- to perform a biostratigraphic study of all avail-
ing 30% stake. ny’s Berbice Deep Water Port through its whol- able paleontological and palynological data in
The consortium has drilled two wells in the ly-owned subsidiary, Grand Canal Industrial the basin to create a standardised, sub-regional
area, one gas discoverer and one appraisal well. Estates Inc. continues to be on target for the biostratigraphic understanding in an effort to
There are no remaining Minimum Exploratory Offshore Supply Base (“OSB”) to be operational enhance prospectivity for the Demerara and
Programme commitments to be fulfilled. by mid-2022 and the Multi-Purpose Terminal Corentyne Blocks. The study includes 22 wells
Petrobras, August 9 2021 (MPT) to be operational by the end of 2023. from both Guyana and Suriname. The paleon-
Until now, all contractors on the project have tological study was completed as of June 2021.
been local, maximising local content on the Grand Canal has commenced the Berbice
UPSTREAM project. Deep Water Port Project (BDWP) on 30 acres
Second Quarter and Recent Highlights: On (0.12 square km) of land on the eastern bank
CGX Energy issues April 22, 2021, CGX Resources, Operator of of the Berbice River. The deepwater port facil-
the Corentyne offshore block, entered into an ity intends to serve as an offshore supply base,
operational update agreement with Maersk Drilling Holdings Sin- OSB and cargo handling base, and agricultural
gapore, a subsidiary of The Drilling Company import/export operations. The BDWP will ena-
The Company and Frontera Energy, majority of 1972 A/S, for the provision of a semi-sub- ble provisioning of operators and vendors in
shareholder of CGX Energy and Joint Ven- mersible drilling unit, the Maersk Discoverer, territorial waters of both Guyana and Suriname.
ture Partner in in the Petroleum Prospecting
Licenses for the Corentyne and Demerara blocks
offshore Guyana, intend to spud the Kawa-1 well
in the Corentyne block before the end of August
2021. The Maersk Discoverer, a sixth-generation
semi-submersible drilling rig is on route from
Trinidad and is expected to arrive at the Kawa-1
location on August 15, 2021. As part of its con-
tract with Maersk, the joint venture also holds an
option to drill an additional well.
The Kawa-1 well is located in the northeast
quadrant of the Corentyne block, approximately
200 km offshore from Georgetown. The water
depth is approximately 355 metres (1,174 ft)
and the expected total depth of the Kawa-1 well
is 6,685 metres (21,932 ft). The primary target
of the Kawa-1 well is a light oil, large Santonian
slope fan complex with an overlying Campanian

P14 www. NEWSBASE .com Week 32 12•August•2021