Feb 18, 2021 News
Kaieteur News – The joint venture, Frontera Energy Corporation and CGX Energy, on Tuesday announced the results of a completed independent Prospective Resource study of the Corentyne and Demerara blocks. McDaniel & Associates Consultants Limited, an independent external qualified resource evaluator contracted by the venture, identified a combined median estimate of 4.84 billion oil-equivalent barrels in the two blocks.
Most of the prospects (27) were identified in the Corentyne block, which hold a potential 4.3 billion oil-equivalent barrels. The study split the Corentyne acreage into two parts, the North area with a median estimate of 3.3 billion oil-equivalent barrels, and the Main area with a median estimate of one billion oil-equivalent barrels.
The remaining five prospects were indentified in the Demerara block, with a median estimate of 525 million barrels.
The joint venture said its plans are proceeding on the Kawa-1 exploration well in the Corentyne block.
“Well design is complete, procurement of long lead items is in advanced stages and key technical staff has been recruited.”
The venture is expected to spud the well in the second half of the year, drilling to water depths of approximately 1,100 feet. It targets the Campanian-Santonian-aged stratigraphic trap, which is interpreted to be analogous to the discoveries immediately to the east on Block 58 in Suriname, where several discoveries have been made.
As for the Demerara block, the joint venture is advancing preparatory work, it said, for the Makarapan-1 exploration well, “an Aptian stratigraphic prospect.”
Other prospects are being indentified and matured by the joint venture in the northern portion of the Corentyne block and in the Demerara block.
CGX is the operator of both blocks. Frontera said that it’s direct working interest in the two blocks and its CGX share ownership combine to result in a total consolidated working interest of 82.6 percent in the blocks.
Frontera’s Chief Executive Officer, Richard Herbert, said “The independent prospective resource study reaffirms our excitement about the world-class prospectivity of the Corentyne and Demerara blocks offshore Guyana. With the support of the Guyanese government in rephasing our exploration plans, we are eagerly progressing our work programmes for Corentyne and Demerara.”
Chairman of the Board of Directors, Gabriel De Alba, said “We thank the Government of Guyana for its continued support and partnership, which are essential to the long-term success of this strategic initiative for the benefit of all stakeholders. As confirmed by the independent resource evaluation commissioned, the Guyana basin offers the Joint Venture access to a leading offshore oil opportunity. We expect a robust Guyana work programme with the advancement of our exploration wells, as we continue executing on our plan to realize this value for our shareholders.”
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