BROOKLYN, NY– The Canadian-based oil companies, CGX Energy Inc (CGX) and Frontera Energy Corporation (FEC) say results from their joint venture in the Kawa exploration well offshore Guyana have been successful.
“The joint venture is pleased to announce that it has successfully discovered light oil in the Santonian and Coniacian and gas condensate in the Maastrichtian and Campanian at the Kawa-1 exploration well, offshore Guyana,” said Gabriel de Alba, chairman of Frontera’s board of directors.
“The Kawa-1 discovery adds to the growing success story unfolding offshore Guyana. The integrated Kawa-1 well results further support our belief in the potentially transformational opportunity the Joint Venture has in one of the most exciting basins in the world,” said de Alba. She is also co-chairman of CGX’s board of directors.
The companies said that the Kawa-1 well was drilled in a water depth of approximately 355 meters to a total depth of 6,577 meters in the northern portion of the Corentyne block.
They said they encountered hydrocarbons in multiple zones extending from 4,638 meters in the Maastrichtian to (6,568 meters in the Coniacian.
“Essentially, every sand encountered over this interval indicated the presence of hydrocarbons. Sixty-nine meters of net pay was found distributed throughout the Maastrichtian, Campanian, Santonian, and Coniacian horizons with individual pay zones up to 35 feet thick,” the two companies added.
They said following the completion of drilling activities at the Kawa-1 exploration well; the joint venture engaged independent third-party laboratories and experts to complete detailed studies, fine mapping, and analyses to provide opinions on reservoir quality and hydrocarbon type.
“ This integrated analysis has provided further support for the joint venture’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 de-risks the forthcoming Wei-1 exploration well, expected to be spud in 3Q’22.”
The two companies say they continue to integrate detailed seismic and lithological analysis and pore pressure studies from the Kawa-1 well into preparations for drilling their second exploration well, Wei-1, in the third quarter of 2022, subject to rig release from a third-party operator.
They said the Wei-1exploration well would be located approximately 14 kilometers northwest of the Kawa-1 exploration well in the Corentyne block, about 200 kilometers offshore from Georgetown.
“The Wei-1 exploration wells will be drilled in approximately 583 meters to a total targeted depth of 6,248 meters and will target Campanian and Santonian aged stacked channels in a western channel complex in the northern section of the Corentyne block.
“Information gained at Kawa-1 has improved the chance of success at Wei-1 from 29 percent to 56 percent. Data from the Kawa-1 and Wei-1 exploration wells will inform future activities and potential development decisions.”
CGX said it continues to assess several strategic opportunities to obtain additional financing to meet the costs of the drilling program.
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Nigeria’s Oil production is said to benefit Nigeria’s elite 300 families; rather than the people and infrastructure of Nigeria.
The same is true of Africa’s Equatorial Guinea.
The government of Guyana needs to make sure the wealth generated from the Canadian-based oil companies, CGX Energy Inc (CGX) and Frontera Energy Corporation (FEC) the infrastructure and people of Guyana.