RE:RE:government has aproved Wei1 well as appraisal/Explorationmrbb wrote:
bazilfawlty wrote: https://stockhouse.com/news/press-releases/2022/11/28/cgx-and-frontera-provide-update-on-wei-1-well-preparations
“The Joint Venture is pleased to announce that it has spud the Wei-1 well, offshore Guyana and that the Government of Guyana has approved the Joint Venture’s appraisal program. Wei-1 will appraise both the Kawa-1 discovery as well as explore additional opportunities within the Corentyne Block. The Wei-1 well is on-trend, and well positioned for success with both Kawa-1 and recent peer discoveries immediately adjacent to the northern section of the Corentyne block,” commented Executive Co-Chairman Suresh Narine.
as a new shareholder of cgx dipping its toes for this Wei lottery, i don't know the history of this play so i have a few questions that may also clear up these some discussion here
1. is the Wei-1 well designed similar to Kawa-1 design? If a well completed with prod. casing, why can't it be turn into a producing/injection well? Well status can be change with approval from ghana ministry. However, given the risk of drilling deepwater well, some jurisdiction can require explorer to case apprasial well down to TD to reduce risk of negative consequences during drilling and evaluating a deepwater HTHP well.
2. Why are we so critical on the 71 feet pay on the secondary target? Why wasn't the net pay of the primary target Santonian be reported in the NR as well?
the Well encountered an aggregate of approximately 71 feet of net oil pay in the secondary target reservoirs in the Maastrichtian and Campanian.
As a late investor, i have another question on this Corentyne play and recent TD of Wei-1
Have CGX and FEC secure all the petroleum rights for the Corentyne block necessary for a full commercial development? If not, i can't see why would CGX and FEC want to release too much detail info regarding WEI-1, it could drive up bid prices on remaining oil and gas concession. My wild a$$ guess is CGX/FEC is presently in disucssion with Guyana government regarding their future plan and how much info to be released to the public medium. This is JMO base on assumption that there are still some more Corentyne concession opened to competitive bidding.