Page 14 - LatAmOil Week 48 2020

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GlobalData: Guyana grants 12-month

extension for drilling at Corentyne

A joint venture formed by two Canadian com- Geophysical finished a 582-square km 3D seis-
panies, CGX Energy and Frontera Energy, has mic survey of the northern part of the block in
secured permission to push back its deadline for November 2019. However, the contractor did
drilling at the Corentyne block offshore Guyana. not finish processing the new data until June of
In a statement, Frontera said Guyana’s gov- this year.
ernment had agreed to wait for another 12 As a result of this processing, the joint venture
months for the drilling of the next well at Cor- “has identified two potentially highly prospec-
entyne. “The joint venture has been advised tive large channel sand reservoir complexes,”
that the existing November 27, 2020, deadline CGX said on its website. The highest graded of
for drilling the next well will be extended to the two prospects is known as Kawa, it noted.
November 27, 2021, subject to documentation,” Both prospects lie within the northern section of
it said. Corentyne, not far from the Pluma and Haimara
The partners sought the extension because discoveries within Guyana’s Stabroek block and
of delays stemming from the coronavirus the Maka Central, Sapakara and Kwaskwasi dis-
(COVID-19) pandemic, the statement noted. coveries within Suriname’s Block 58, the com-
It also declared that the joint venture had pany added. ™
“remained committed throughout [the year] to
completing its exploratory commitments in full,
despite operational activities in Guyana being
severely affected for much of 2020.”
This is in line with Frontera’s recent report
on its third-quarter operational and financial
results. In that interim report, the company said
that the joint venture partners had “[contin-
ued] to have constructive collaborative discus-
sions with the regulatory authorities in Guyana
regarding work commitments in that country.”
Equity in the Corentyne project is split
between CGX, with 66.67%, and Frontera, with
33.33%.
The partners had hoped to begin drill-
ing in early 2020, just a few months after PGS Corentyne is at the eastern edge of Guyana’s offshore zone (Image: CGX Energy)

Orinduik consortium reviewing 3D data

before selecting next drilling targets

CANADA’S Eco (Atlantic) Oil & Gas indicated highest-graded target areas would be added to
last week that shareholders in the Orinduik the group’s drilling programme.
block had begun the process of drawing up plans “[We] are aiming to define targets through
for their next drilling programme. reprocessing and we hope to have target selec-
In a statement, Eco Atlantic said that mem- tion in the next six months, allowing us to begin
bers of the consortium were currently taking drilling preparation in the second half of 2021,”
another look at several prospects that might commented Gil Holzman, Eco Atlantic’s presi-
contain light sweet crude oil. This review is dent and CEO.
designed to “provide further definition to the The review is being conducted in line with
Cretaceous interpretation,” it explained. the budget approved by the shareholders in the
The company did not identify any of the Orinduik project on June 30, 2020, Eco Atlantic
prospects under scrutiny but said that the two noted.

P14 www. NEWSBASE .com Week 48 03•December•2020