CGX Energy to Spend $90M on Guyana Offshore Drilling Campaign

Monday, March 8, 2021

CGX Energy, a Canadian-based oil and gas firm focused on Guyana, expects to spud an exploration well in its Corentyne block in the second half of 2021.

In a recent update, CGX Energy said the Kawa-1 exploration is expected to be drilled to a depth of approximately 6,500 meters (“m”) in a water depth of approximately 370 m "and is slated to be drilled in the second half of 2021."

The primary target is a Santonian age, stratigraphic trap, interpreted to be analogous to the discoveries immediately to the east on Block 58 in Suriname. The prospect is named after the iconic mountain overlooking the village of Paramakatoi in the Pakaraima Mountains of Guyana.

Also, CGX shared that another well, the Makarapan-1 exploration well on the Demerara block, is currently expected to be drilled to a total depth of approximately 3,500 m in a water depth of approximately 1,000 meters. 

The primary target is an Aptian age, sandstone reservoir. The prospect is named after the Precambrian mountain overlooking the Rupununi Savannahs of Guyana. CGX did not say when this well is expected to be spudded.

"The Company expects, based on presently available information, that the total cost of the Guyana exploration program in 2021 will be approximately $90 million," the company said.

Categories: Activity South America Drilling Industry News

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