CGX, Frontera discover light oil and gas condensate offshore Guyana

Offshore staff

TORONTO — CGX Energy Inc. and Frontera Energy Corp., joint venture (JV) partners in the petroleum prospecting license for the Corentyne Block offshore Guyana, have announced integrated results from the Kawa-1 exploration well.

The Kawa-1 well was drilled in water depth of about 355 m (1,174 ft) to a total depth of 21,578 ft (6,577 m) in the northern portion of the Corentyne Block.

The JV has successfully discovered light oil in the Santonian and Coniacian and gas condensate in the Maastrichtian and Campanian at the Kawa-1 well.

The recent discoveries show positive implications for CGX.

The JV encountered hydrocarbons in multiple zones extending from 15,216 ft (4,638 m) in the Maastrichtian to 21,547 ft (6,568 m) in the Coniacian. Essentially every sand encountered over this interval indicated the presence of hydrocarbons. A total of 228 ft (69 m) of net pay was found distributed throughout the Maastrichtian (68 ft/21 m), Campanian (66 ft/20 m), Santonian (76 ft/23 m) and Coniacian (18 ft/5 m) horizons with individual pay zones up to 35 ft (11 m) thick.

Following completion of drilling activities at the Kawa-1 exploration well, the JV engaged independent third-party laboratories and experts to complete detailed studies, refined mapping and analyses to provide opinions on reservoir quality and hydrocarbon type.

This integrated analysis has provided further support for the JV's initial interpretations that the Kawa-1 exploration well successfully discovered light oil in the Santonian and Coniacian and gas condensate in the Maastrichtian and Campanian as supported by cuttings, mud gas and annulus fluid analysis.

These findings are consistent with discovery wells reported by other operators surrounding the northern portion of the Corentyne Block and derisks the forthcoming Wei-1 exploration well, expected to be spud in the third quarter.