The Maka Central-1 well was drilled by a water depth of about 1,000 meters and encountered more than 123 meters net pay of high-quality light oil and gas rich condensate net pay, in multiple stacked reservoirs in Upper Cretaceous Campanian and Santonian formations. When drilling exploration wells, it's typical for companies to announce the discovery of pay zones and the presence of gas or oil, as seen in past announcements from CGX. However, the publication of laboratory results is at the company's discretion and not always shared publicly.
Many have been anticipating the final outcomes from the two wells, eager to learn of developments like a joint venture, or the sale of CGX or Frontera's stakes. We're quietly awaiting any news that might emerge during the conference call discussions, expected on Friday, which should shed more light on the proceedings taking place behind the scenes.
The specific time frame for reporting results from exploration wells, such as wildcat wells, can vary based on the country's regulations and the terms of the exploration licenses or agreements with the government. In Guyana, these details would be governed by the pertinent regulations and contractual obligations of the exploration company. For accurate information, it would be necessary to refer to the current version of the Guyana Oil and Gas Regulations or the terms of the contract the exploration company has with the government.
I can only express that I'm eagerly awaiting the conclusive announcement from CGX, a company I've invested in for quite some time. As always, I remain hopeful for a positive result that favors the minority shareholders.