After successfully completing negotiations with the government regarding the rescheduling of its work commitments, CGX Energy Inc and its joint-venture partner Frontera Energy Corporation have announced that they are advancing preparatory work to drill the Makarapan-1 exploration well on the Demerara Block. It was previously called Demerara-F and is said to be an Aptian stratigraphic prospect on the block.
While additional prospects and leads on the block have been identified and are being matured, OilNOW understands that the existing February 12, 2021 deadline for drilling this well will be extended to February 11, 2022 subject to documentation.
In his brief comment on the said developments, Gabriel De Alba, Chairman of the Board of Directors 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 last year August and completed in October of that year, De Alba said that the Guyana basin offers the joint venture partners access to a leading offshore oil opportunity. He said, “We expect a robust Guyana work program with the advancement of our exploration wells, as we continue executing on our plan to realize this value for our shareholders.”
The latest resource report for the Corentyne and Demerara blocks was done by McDaniel & Associates Consultants Ltd., an independent external qualified resource evaluator. It was contracted to conduct the resource evaluation on the north and main areas of the two blocks. The report highlights 32 highly prospective targets across the Corentyne and Demerara Blocks. The first well up for drilling is the Kawa in the Corentyne concession.