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CGX Energy Inc V.OYL

Alternate Symbol(s):  CGXEF

CGX Energy Inc. is a Canada-based oil and gas exploration company. It is focused on the exploration of oil in the Guyana-Suriname Basin and the development of a deep-water port in Berbice, Guyana. The Company, through one of its subsidiaries, holds an interest in a Petroleum Prospecting Licence (PPL) and related Petroleum Agreement (PA) on the Corentyne block in the Guyana Basin, offshore Guyana. The Company, through its subsidiary Grand Canal Industrial Estates, is constructing the Berbice Deep Water Port. This facility, located on the eastern bank of the Berbice River, adjacent to and north of Crab Island in Region 6, Guyana, is being constructed on 30 acres with 400 m of river frontage. Its subsidiaries include CGX Resources Inc., GCIE Holdings Limited and CGX Energy Management Corp. It is the operator of the Corentyne block and holds a 27.48% working interest. Its Wei-1 exploration well is located west of the Kawa-1 discovery in the northern region of the Corentyne block.


TSXV:OYL - Post by User

Post by Devanand1on Feb 21, 2022 7:02am
284 Views
Post# 34447430

Encouraged by latest discovery, TotalEnergies hopes to find

Encouraged by latest discovery, TotalEnergies hopes to find

artners TotalEnergies and APA Corporation have made what they say is a significant new oil and associated gas discovery at the Krabdagu-1 well, in the central area of Block 58, offshore Suriname, encouraging the partnership to continue exploration efforts in a bid to find enough resources this year for first oil development.

TotalEnergies - Block 58 Suriname
Block 58 off Suriname; Source: TotalEnergies

This latest oil find follows previous discoveries in Suriname at MakaSapakaraKwaskwasi, and Keskesi, and the successfully tested Sapakara South-1 appraisal well. However, the duo’s Keskesi South-1 appraisal well in September 2021 encountered non-commercial quantities of hydrocarbons and the well was plugged and abandoned.

Related Article

Located 18 kilometres south-east of Sapakara South, Krabdagu-1 was drilled at a water depth of 780 meters and encountered approximately 90 meters of net oil pay in good quality Maastrichtian and Campanian reservoirs, TotalEnergies informed on Monday.

“This successful exploration well at Krabdagu-1 is a significant addition to the discovered resources in the central area of Block 58. This result encourages us to continue our exploration and appraisal strategy of this prolific Block 58 in order to identify sufficient resources by year-end 2022 for first oil development,” said Kevin McLachlan, Senior Vice President, Exploration at TotalEnergies.

APA previously also said that the success at Krabdagu could materially increase the scope and scale of development in the central portion of Block 58. The firm envisions a potential black oil development hub in Suriname that would accommodate production from Krabdagu, Sapakara, and Keskesi.

Drilling and logging operations will continue, using the Maersk Valiant drillship. DST operations will be carried out on Krabdagu-1 to appraise the resources and productivity, and at least three further exploration and appraisal wells are planned to be drilled in 2022 on the block.

TotalEnergies has already exercised its option for one additional well to be drilled in Suriname by the Maersk Valiant rig, leaving it with two more additional one-well options. This latest contract extension has an estimated duration of 100 days, with work expected to start in March 2022 in direct continuation of the rig’s previously agreed work scope.

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