TORONTO, Canada, CMC – The Canadian-based oil exploration company, CGX Energy, says it has “successfully “ reached a total depth (TD) of 20,450’ on the Wei-1 bypass exploration and appraisal well in Guyana.
“Results from the Well are encouraging: data acquisition is ongoing via wireline logging, MDT, and side wall core sampling. An update on Well results will be provided when the acquisition and evaluation have been finalized,” the company said in a statement.
It said the results from the Well are consistent with pre-drill expectations, adding that it has confirmed the company’s geologic and geophysical assessment of the block.
CGX said that the original Wei-1 wellbore reached a depth of 19,142’ and that a bypass well (Wei-1BP1) was drilled from 18,757’ to total depth (TD) and penetrated the primary Santonian targets of the Well in the western complex in the northern portion of the Corentyne block.
Before the bypass, the company said the well encountered an aggregate of approximately 71 feet of net oil pay in the secondary target reservoirs in the Maastrichtian and Campanian.
“As operations continue, the Joint Venture has revised its total Wei-1BP1 cost estimates to approximately US$190-$195 million to complete the logging runs, finish well operations, and release the rig,” the company said, adding “The additional costs are primarily due to the lost sampling tool and the drilling of the bypass well.”
CGX and Frontera Energy Corporation drilled the Well. CGX holds a 32 percent participating interest, with Frontera holding the remaining participating interest in the Corentyne block offshore Guyana.
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