CGX Resources Inc., along with its most recent joint venture partner Frontera Energy, has announced that its latest work programme will see two wells being drilled next year, way ahead of schedule. The Guyana Standard understands that the first well will be drilled on the northern part of the Corentyne Block while the second will be on the Demarara block.
The operators said that a seismic survey will commence this year to inform the drilling programme. It was also stated that this approach may result in significant cost savings for them.
Further to this, CGX said that through its wholly-owned subsidiary Grand Canal Industrial Estates, it will begin civil works in 2019 on its Deep Water Port at Crab Island in the Berbice River so that it can stage its exploration wells in 2020 from its Deep Water Port.
In a brief comment on the revised work programme, Professor Suresh Narine, who serves as CGX’s Executive Chairman and Executive Director, said, “CGX and our joint venture partner Frontera Energy are focused on maximising the partnership’s chances of exploration success while increasing efficiencies, ensuring safety and managing costs.”
Professor Narine said that the resequenced work program establishes the right chronology of actions to allow these guiding principles to be realised. Furthermore, the Executive Chairman noted that it allows CGX to maximise its local content engagement through the operationalisation of its Deep Water Port at Crab Island at the mouth of the Berbice River.
