(Frontera Energy, 12.Jul.2021) — Frontera Energy Corporation (TSX: FEC), the majority shareholder of CGX Energy Inc. (TSXV: OYL) and joint venture partner in the Petroleum Prospecting Licenses for the Corentyne and Demerara blocks offshore Guyana, announced an update on the activities related to the Corentyne block.
Exploration
The Kawa-1 well, the Joint Venture’s commitment well on the Corentyne block, is expected to be spud between August 1-15 and reach total depth in approximately 85 days. The primary target for the Kawa-1 well is a Santonian age, stratigraphic trap, interpreted to be analogous to the discoveries immediately to the east on Block 58 in Suriname. The Kawa-1 well is located in the northeast quadrant of the Corentyne block approximately 200 kilometers offshore from Georgetown. The water depth is approximately 355 meters (1174 ft) and the expected total depth of the Kawa-1 well is 6,575 meters (21,700 ft).
As previously announced, Kawa-1 will be drilled by the Maersk Discoverer, a sixth-generation semi-submersible drilling rig currently working in Trinidad for another operator. CGX Resources Inc. a wholly owned subsidiary of CGX and operator of the Corentyne block, has secured all necessary contracts to drill Kawa-1.
Gabriel de Alba, Chairman of Frontera, commented:
“We are pleased to continue to advance our activities in one of the world’s most important new oil and gas blocks in the last decade. We look forward to providing further details as soon as possible.”
Orlando Cabrales, Chief Executive Officer of Frontera, commented:
“There has been excellent progress by CGX to advance the substantial exploration opportunities in one of the world’s leading offshore basins. With the Kawa-1 spud window established, drilling and support contracts secured and operational activities underway, I look forward to safely and efficiently improving our understanding of the potential of the Corentyne block over the coming months.”
____________________
