Canadian explorer revises oil discovery figures in Guyana’s Corentyne Block

Oil and gas companies CGX Energy Inc and Frontera Energy Corporation have revised figures previously announced for a find of oil-bearing reserves in the Kawa-1 well.

In a statement, the joint venture partners said the new figure has been confirmed to be 200 feet of oil-bearing reserves, up from 17 feet, in the well and that the revision followed an analysis of logs and samples.

“As a result of the initial positive results at the Kawa-1 exploration well, the joint venture will focus on the significant exploration opportunities in the Corentyne Block and will not engage in drilling activities on the Demerara Block in 2022, as previously outlined by press release on February 16, 2021,” the Canadian oil and gas companies said.

Further analyses of logs and samples are ongoing and the companies have promised to provide an update when these activities are completed.

The find in the Kawa-1 well in the Corentyne Block marked the companies’ maiden discovery of oil in commercial quantities after more than two decades of exploration.

They said then that the Kawa-1 well was drilled to a depth of 21,578 feet and 177 feet of oil-bearing reserves had been detected. Other hydrocarbon-bearing sands that were encountered will be analysed and possibly form the targets of future exploration.

“The Kawa-1 results support the joint venture’s geological and geophysical models and have helped de-risk equivalent targets in other parts of the Corentyne licence area. The end of well forecast is currently projected to be the end of February 2022,” the companies said.

As a result of its success at the Kawa-1 well, a second well called the Wei-1 will be spudded in the north-western part of the Corentyne Block in the second half of the year.

CGX and Frontera Energy had previously commissioned an independent report, which revealed that they are potentially sitting on 4.9 million barrels of oil in the Demerara and Corentyne oil blocks under their control.

CMC