Page 18 - LatAmOil Week 32

LatAmOil NEWS IN BRIEF LatAmOil

The Manati field is located at a distance of 10 km financial statements for the second quarter of The current high-graded lead identified in
from the coast of the city of Cairú/BA, in water 2020, together with its Management, Discussion the northern region of the Corentyne Block has
depths between 35 and 50 metres. The field and Analysis - Quarterly Highlights. These doc- been named Kawa, after the iconic Kawa Moun-
started operating in 2007 and its average pro- uments will be posted on the Company’s website. tain that overlooks the village of Paramakatoi in
duction in 2019 was 1,269 cubic metres per day Operational Update: The Company, through the Pakaraima Mountains of Guyana. It is a San-
of gas and 105 bpd of condensate (values refer- CGX Resources Inc. (CRI) as the operator of tonian-level stratigraphic trap and as previously
ring to Petrobras’ participation), through the the Corentyne Block under a Joint Operating mentioned is interpreted to be analogous to the
PMNT-1 fixed platform, which involves a subsea Agreement (JOA) with Frontera Energy Guyana discoveries immediately to the east on Block 58
structure composed of six gas producing wells. Corp. (FEGC), contracted PGS Geophysical AS in Suriname. Additional leads are being evalu-
Petrobras is the field operator, with a 35% (PGS) to provide acquisition and processing of a ated by the Company.
stake, in partnership with Enauta Participações full broadband marine 3D seismic survey over CRI has recently contracted Baker Hughes
(45%), Geopark Brasil E&P de Petróleo e Gás a northern segment of the Corentyne Block to provide a pore pressure analysis of the Kawa
(10%) and Brasoil Manati Exploração Petrolífera located offshore Guyana. The seismic acquisition prospect, which will be completed in August
(10%). was completed on November 2, 2019, and pro- 2020.
Petrobras, August 07 2020 duced seismic data covering approximately 582 On the Demerara block, CRI will begin
square km of the northern portion of the Cor- re-processing the existing seismic data at the
Petrobras announces entyne Block. PGS completed Time (PreStack end of Q3-2020, this year in order to mature
Time Migration) and Depth (PreStack Depth previously mapped leads into prospects ready
onshore Urucu Cluster Migration) processing of these data on June 5, for drilling.
2020.
The Company remains extremely excited
binding phase of the recently processed 3D seismic data, and being mapped within the Corentyne and Dem-
CRI has completed a preliminary evaluation regarding the high potential prospectivity that is
Petrobras, following up on the press release dis- has identified two potentially highly prospective erara Blocks.
closed on June 26, 2020, informs the beginning large channel sand reservoir complexes. These COVID-19: As the global pandemic related
of the binding phase, referring to the sale of its channel complexes are interpreted to contain to COVID-19 continues, CGX has continued
entire stake in a set of seven onshore produc- multiple high potential leads located in the with its plan to protect the health and safety of its
tion concessions (Urucu Cluster), located in the northern region of the Corentyne Block, which employees and all stakeholders. The Company’s
Solimões Basin, in the state of Amazonas. is located in close proximity to the Stabroek alternative working arrangements for employees
Potential buyers qualified for this phase will Block offshore Guyana and Block 58 offshore to work from home in Canada, Guyana and the
receive a process letter with detailed instructions Suriname. The Pluma and Haimara discoveries US are still in place.
on the divestment process, including guidelines in the Stabroek Block are located approximately The Company’s operational activities are
for due diligence and the submission of binding 2 and 8 miles, respectively from the border of still affected due to restrictions on travel for key
proposals. the northern region of the Corentyne Block and personnel related to operational planning, espe-
The Urucu Cluster comprises seven pro- the Maka Central, Kwakwasi-1 and Sapakara cially into and out of Guyana. The Company,
duction concessions (Araracanga, Arara Azul, West discoveries in Block 58 are located approx- which has reiterated its commitment to the
Carapanaúba, Cupiúba, Leste do Urucu, Rio imately 7, 15 and 20 miles, respectively from the resumption of operations as soon as possible, has
Urucu, Sudoeste Urucu), all located in the state border of the northern region of the Corentyne been engaged in constructive collaborative dis-
of Amazonas, in the municipalities of Tefé and Block. cussions with the regulatory authorities in Guy-
Coari, occupying an area of approximately 350 The leads mapped in the Northern Corentyne ana about the timing of its work commitments
square km. Block are interpreted to be situated at the same in that country, in light of these restrictions. The
In the first semester of 2020, the cluster’s aver- geological horizons as the nearby significant dis- Company looks forward to continuing this dis-
age production was 103,000 boepd, including coveries already proven in the Stabroek Block cussion with the Government of Guyana.
16,200 bpd of oil and condensate, 13.8mn cubic and Block 58. Also, importantly the Northern
metres per day of gas and 1,110 tonnes per day Corentyne leads are interpreted to share the
of LPG. same proven hydrocarbon generating basin and
In addition to the concessions and their pro- intervals in which the current discoveries are
duction facilities, oil and natural gas production located. These leads are primarily stratigraphic
processing units and logistical facilities to sup- traps composed of sandstone accumulations and
port production are included in the transaction. deemed to be analogous to many the discoveries
Petrobras, August 07 2020 already proven to be successful in the Guyana
basin spanning both Guyana and Suriname.
The Northern Corentyne leads are in the
PERFORMANCE process of being high-graded and have been
mapped within the Upper Cretaceous, Santo-
CGX Energy announces nian and Miocene intervals and are currently
undergoing further analysis in order to priori-
filing of Q2-2020 financial tise and rank the best prospect to be drilled. The
leads are located in water depths ranging from
statements approximately 500 feet (152 metres) to 3,600
feet (1,100 metres) and are estimated to be at a
CGX Energy announced today the release of drilling depth of between approximately 11,000
its unaudited condensed interim consolidated feet (3,400 metres) to 21,700 feet (6,610 metres).

P18 www. NEWSBASE .com Week 32 13•August•2020