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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 mark92on Mar 08, 2023 5:52am
430 Views
Post# 35325168

Regulator says CGX resuming drilling at Wei-1

Regulator says CGX resuming drilling at Wei-1

Regulator says CGX resuming drilling at Wei-1


Guyana’s Maritime Administration Department (MARAD) issued a notice to mariners, which pegged March 6 as the resumption date for drilling operations at Wei-1 by CGX Energy. 

After successfully drilling the first prospective geologic horizons in the Upper Maastrichtian, CGX put a pause on operations and noted in a March 2 update that the geophysical logs were being obtained in the open hole section within which hydrocarbon shows were encountered.

With resumption, CGX will now target the deeper prospective horizons in the Lower Maastrichtian, Campanian and Santonian sections.

The Wei-1 well is located approximately 14 kilometres northwest of the previous Kawa-1 light oil and condensate discovery and is being drilled in water depth of approximately 1,912 feet (583 metres) to an anticipated total depth of 20,500 feet (6,248 metres).

The Noble Discoverer semi-submersible rig is being used. Drilling is expected to conclude in the middle of the 2Q23.

CGX Energy is the operator of the Corentyne Block with a 32% stake, while Frontera Energy holds the remaining 68%.

https://oilnow.gy/featured/regulator-says-cgx-resuming-drilling-at-wei-1/

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