Page 11 - LatAmOil Week 07 2021

LatAmOil GUYANA LatAmOil

“[It’s] just a matter of best price,” he was quoted sell it.”
as saying by Guyana Times. “In that context, The vice president did not say when George-
we can look at people who want to buy the oil town might take this step. He indicated, how-
directly. For us, it is the best price for our oil. ever, that the government did not expect the
That is what we’re looking at. Because there are next cargo of profit oil from Liza-1 to be delayed
hundreds of companies who can take this oil and in any way. ™

Frontera, CGX moving ahead with

drilling plans at Demerara, Corentyne

CANADA’S CGX Energy and its majority
shareholder Frontera Energy have issued an
update on their plans for exploration of their
assets in Guyana.
In separate statements dated February 16,
Frontera and CGX said they were moving for-
ward with their exploration campaigns at the
Corentyne and Demerara blocks, in line with
their Petroleum Prospecting Licences (PPLs). At
Corentyne, the partners are preparing to spud
the Kawa-1 exploration well in the second half
of 2021.
The well is to be drilled at a site where the
water is 1,100 feet (335 metres) deep. It will
target the Campanian-Santonian-aged strati-
graphic trap, which is believed to be analogous
to confirmed discoveries at Suriname’s offshore
Block 58, which lies directly to the east.
In the meantime, the companies have
already completed work on the well design and
recruited key technical staff for Kawa-1, as well Corentyne and Demerara are adjacent to Stabroek (Image: CGX/Frontera)
as reaching the advanced stage of procurement
on long-lead items. They are also working to block, which has been assigned to ON Energy,
mature the additional prospects and leads that itself owned 62% by CGX. “The company has
have been identified in the northern part of the ... been advised that the Berbice PPL workplan
Corentyne block. will be modified from completing a seismic
At Demerara, Frontera and CGX are mak- programme and all associated processing and
ing progress on preparations for the drilling interpretation by August 12, 2021, to completing
of Makarapan-1, an exploration well that was a seismic programme and all associated process-
previously designated Demerara-F. The well ing and interpretation so as to inform and lead
will target an Aptian stratigraphic prospect. The to the drilling of at least one exploration well
partners have not yet said when they hope to by June 15, 2022, subject to documentation,” it
spud Makarapan-1, but they did report that the stated.
Guyanese government had given the green light
to their plan to revise the PPL for the block by Resource estimates
pushing the deadline for drilling the well back In the same statements, Frontera and CGX
from February 12, 2021, to February 11, 2022. reported that their contractor, McDaniel &
Moreover, the two companies are working to Associates Consultants, had completed an
mature the additional prospects and leads that independent prospective resource (IPR) study
have been identified in the Demerara block. and report of the two blocks mentioned above.
“Basin-wide studies, which include hydrocar- The report serves to evaluate all the resources of
bon generation and migration analysis and Demerara but focuses on the Corentyne Main
biostratigraphic studies, are under way and will Area and the Corentyne North Area of the other
be incorporated into the exploration efforts to block, the companies explained.
further refine the projects and reduce explora- According to McDaniel & Associates, as of
tion risk,” CGX added. August 31, 2020, these two blocks contained 32
It also referred briefly to a separate project – prospects, including 27 at Corentyne and five at
namely, the exploration of the Berbice onshore Demerara.

Week 07 18•February•2021 www. NEWSBASE .com P11