Page 9 - LatAmOil Week 48 2022

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“Fangtooth-1 is significant since it has the poten- to boost the recoverable reserve estimate for
tial to support a future FPSO,” he stated. “So we the Stabroek block far above its current level of
are finding large sand channels on seismic and a more than 11bn barrels of oil equivalent (boe),
lot of exploration and appraisal ... Over the next he added.
18 months, [we are] going to try to drill the opti- He did not put forward any specific figures
mal prospects at 18,000 feet.” but suggested that investors could expect a
These drilling projects have the potential “major upgrade” to the figure. ™

CGX and Frontera reiterate

commitment to drilling Wei-1

CGX Energy and its parent company Frontera with this decision, adding that the two Cana-
Energy have confirmed that they intend to move dian companies appreciated “the collaborative
forward with the drilling of Wei-1, their second approach taken by the Government in its stew-
exploration well at the Corentyne block offshore ardship of the Guyana basin’s development.”
Guyana. He continued: “The joint venture has been
In a statement dated November 28, the two in regular communication with NobleCorp,
Canadian firms reported that they had wrapped the third-party operator, and the government
up all preparations in advance of beginning of Guyana regarding the timing of spudding
work at the drilling site, which lies about 14 the Wei-1 well. Given the delays in arrival of
km north-west of Kawa-1, the first well sunk at the NobleCorp Discoverer to the Wei-1 drill-
Corentyne. CGX and Frontera will drill Wei-1 ing location, the joint venture has, with support
in 583-metre-deep water at a location approx- from the government of Guyana, revised its
imately 200 km off the coast of Georgetown, anticipated spud window for the Wei-1 well to
Guyana’s capital city, the statement said. January 2023. The joint venture looks forward to
The joint venture partners plan to use the building on the light oil and condensate discov-
NobleCorp Discoverer, a semi-submersible ery at Kawa-1 with the spudding of the Wei-1
mobile drilling unit, to sink the well to an antic- well in the northern section of the Corentyne
ipated total depth (TD) of 6,248 metres. This block offshore Guyana.”
will allow them to assess the potential of stacked CGX and Frontera confirmed the discov-
channels in the Maastrichtian, Campanian and ery of light crude oil and gas condensate in the
Santonian intervals within a western channel Kawa-1 well earlier this year. The joint venture
complex that lies in the block’s northern section. partners encountered 69 metres of net pay in
According to the statement, CGX and Fron- the Maastrichtian, Campanian, Santonian and
tera have agreed with the Guyanese government Coniacian horizons of the well, which was also
that Wei-1 will be spudded no later than January drilled with the NobleCorp Discoverer. ™
31, 2023. This deadline will allow the NobleCorp
Discoverer to complete its current contract in
Trinidad and Tobago, the partners explained.
The Canadian companies had previously
hoped to spud the second exploration well
at Corentyne in late October, but CGX noti-
fied shareholders of a delay on November
1, in a statement announcing the filing of its
third-quarter financial statement. “Due to
unforeseen challenges to the exploration activ-
ities of a third-party operator, the release of the
NobleCorp Discoverer drilling unit to CGX has
been delayed,” it said at the time. “This situation
is beyond the reasonable control of the joint
venture.”
Officials in Georgetown accepted CGX and
Frontera’s explanation for the delay and have
extended the deadline for spudding the second
of two exploration wells at Corentyne beyond
the original due date of November 27, 2022.
Suresh Narine, the executive co-chairman of
CGX’s board of directors, said he was satisfied Wei-1 will be drilled about 14 km north-west of Kawa-1 (Image:

Week 48 30•November•2022 www. NEWSBASE .com P9