Offshore staff
TORONTO – CGX Energy has found hydrocarbons with its Kawa-1 exploration well in the Corentyne block offshore Guyana.
With around 90% of the planned drilling completed, logging and cuttings analysis suggest the presence of an active hydrocarbon system in various Campanian and Upper Santonian intervals.
CGX and partner Frontera plan to run the 9 5/8-in. liner at current depth, then drill ahead to the main Santonian target zone (Horizon 23) and the deeper secondary Santonian target zone (Horizon 25).
Once drilling has reached the final depth, they will use wireline logging to assess the results.
However, drilling has taken longer than originally planned and costs are set to rise to around $115-$125 million. CGX is examining options for raising additional finance.
12/17/2021
