CGX Energy and its partner Frontera Energy (FEC) have made an oil discovery in the Corentyne block, approximately 200km offshore from Georgetown, Guyana.
The two companies are joint venture (JV) partners for the Petroleum Prospecting Licence for the Corentyne block.
After the drilling using the NobleCorp Discoverer semi-submersible drilling unit to a total depth of 20,450ft, the Wei-1 well identified a total of 114ft of net pay, confirming the significant oil resource potential of the Corentyne block.
The well targeted Maastrichtian, Campanian and Santonian aged stacked sands within channel and fan complexes in the block’s northern section.
In a press statement, Frontera said: “The Joint Venture believes that the rock quality discovered in the Maastrichtian horizon in the Wei-1 well is analogous to that reported in the Liza Discovery on Stabroek block.”
Wei-1 is one of two wells that the companies committed to drill on the Corentyne block, the other being Kawa-1.
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CGX board of directors co-chairman and Frontera board of directors chairman Gabriel de Alba said: “The proven presence of medium sweet crude oil in high-quality Maastrichtian cored reservoir at the Wei-1 well, combined with the previous discovery of 68ft of hydrocarbon log pay in Maastrichtian blocky sands in the Kawa-1 well in 2022, has confirmed the significant potential of the Corentyne block.”
The JV, based on the result of the Wei-1 and Kawa-1 wells, retained SIA, a collaboration between Subsea 7 and Schlumberger, to finalise a conceptual field development plan for the northern sector of the Corentyne block.
This plan encompasses subsea architecture, development well planning, production and export facilities, and various other relevant considerations.
In a press statement, Frontera said: “As is normal course following discoveries such as those made by the Joint Venture at Wei-1 and Kawa-1 wells, additional appraisal activities will be required before commerciality can be determined.”
In addition, the partners have enlisted global investment bank Houlihan Lokey to actively explore strategic alternatives for the Corentyne block, with a focus on potential farm-down opportunities.
However, there is no certainty that the review of strategic options would result in a transaction, stated Frontera.