Page 18 - LatAmOil Week 45

LatAmOil NEWS IN BRIEF LatAmOil

UPSTREAM and Sapakara West discoveries in Block 58 are On the Demerara block, CRI will begin
located approximately 7, 15 and 20 miles (11.2, re-processing the existing seismic data at the
CGX Energy provides 24.0 and 32 km) respectively from the border of end of Q3-2020 in order to mature previously
the northern region of the Corentyne Block.
mapped leads into prospects ready for drill-
update on Corentyne tyne Block are interpreted to be situated at the regarding the high potential prospectivity that is
ing. The Company remains extremely excited
The leads mapped in the Northern Coren-
Block offshore Guyana same geological horizons as the nearby signifi- being mapped within the Corentyne and Dem-
cant discoveries already proven in the Stabroek erara Blocks.
Announcing its unaudited interim consoli- Block and Block 58.Also, importantly the North- Second Quarter Financial Summary: For
dated financial statements for the second quar- ern Corentyne leads are interpreted to share the the six-month period ended June 30, 2020, the
ter of 2020, CGX Energy provided an update same proven hydrocarbon generating basin and Company recorded cash on hand as at June 30,
on its activity in the Corentyne Block, offshore intervals in which the current discoveries are 2020, of $10,944,682. The Company incurred
Guyana. located. These leads are primarily stratigraphic net exploration and evaluation expenditures of
The Company, through CGX Resources Inc. traps composed of sandstone accumulations and $1,424,408 during the six-month period ended
(CRI) as the operator of the Corentyne Block deemed to be analogous to many the discoveries June 30, 2020 primarily due to costs for mainte-
under a Joint Operating Agreement (JOA) with already proven to be successful in the Guyana nance of licenses, general exploration, geological
Frontera Energy Guyana Corp. (FEGC), con- basin spanning both Guyana and Suriname. and geophysical consulting, surveys, 3D-seismic
tracted PGS to provide acquisition and process- The Northern Corentyne leads are in the processing and interpretation, drill planning and
ing of a full broadband marine 3D seismic survey process of being high-graded and have been well exploration costs.
over a northern segment of the Corentyne Block mapped within the Upper Cretaceous, Santo- CGX Energy, November 09 2020
located offshore Guyana. The seismic acquisition nian and Miocene intervals and are currently
was completed on November 2, 2019, and pro- undergoing further analysis in order to prior-
duced seismic data covering approximately 582 itise and rank the best prospect to be drilled. SERVICES
km2 of the northern portion of the Corentyne The leads are located in water depths ranging
Block. PGS completed Time (PreStack Time from approximately 500 to 3,600 feet (152 to Equinor awards drilling,
Migration) and Depth (PreStack Depth Migra- 1,100 metres) and are estimated to be at a drill-
tion) processing of these data on June 5, 2020. ing depth of between approximately 11,000 to well services contracts for
CRI has completed a preliminary evaluation 21,700 feet (3,400 to 6,610 metres).
of the recently processed 3D seismic data, and The current high-graded lead identified in Bacalhau field
has identified two potentially highly prospective the northern region of the Corentyne Block has
large channel sand reservoir complexes. These been named Kawa, after the iconic Kawa Moun- Equinor has, on behalf of the partners Exx-
channel complexes are interpreted to contain tain which overlooks the village of Paramakatoi onMobil and Petrogal Brasil, awarded Baker
multiple high potential leads located in the in the Pakaraima Mountains of Guyana. It is a Hughes, Halliburton and Schlumberger con-
northern region of the Corentyne Block which Santonian level, stratigraphic trap and as previ- tracts for drilling and well services on the Bacal-
is located in close proximity to the Stabroek ously mentioned is interpreted to be analogous hau field in Brazil.
Block offshore Guyana and Block 58 offshore to the discoveries immediately to the east on The total value of the three contracts is esti-
Suriname. The Pluma and Haimara discoveries Block 58 in Suriname. Additional leads are being mated at $455mn. The contracts have a firm
in the Stabroek Block are located approximately evaluated by the Company. period of four years and two two-year options.
2 and 8 miles (3.2 and 12.8 km) respectively from CRI has recently contracted Baker Hughes “The awards build further on our positive
the border of the northern region of the Coren- to provide a pore pressure analysis of the Kawa co-operation experience with the three selected
tyne Block and the Maka Central, Kwakwasi-1 prospect that will be completed in August 2020. suppliers in our projects worldwide. They will
be essential to ensure safe and efficient drilling
and well operations on the Bacalhau field,” says
Peggy Krantz-Underland, Equinor’s chief pro-
curement officer.
The contract scope awarded to Baker Hughes
covers drilling services and completion. Halli-
burton’s scope of work will include intervention
services and liner hanger, while Schlumberger
will deliver wireline services.
The awards are expected to make a significant
contribution to local content in Brazil. The aver-
age local content of the three contracts, consid-
ering the majority of services will be performed
in Brazil, is estimated at 74%.
“Brazil is a core area for Equinor, and Bacal-
hau is an important asset in the Brazilian pre-salt
Santos area. Together with our partners, we are
currently maturing the project towards a final
investment decision (FID) which is planned in
2021,” says Trond Bokn, acting senior vice presi-
dent for project development at Equinor.

P18 www. NEWSBASE .com Week 45 12•November•2020