CGX Energy and its partner, Frontera Energy Corporation, announced this morning that the Kawa-1 well in the Corentyne block is expected to be spud within the August 1st to 15th period and reach total depth in approximately 85 days.
The partners noted that the primary target for the Kawa -1 well is a Santonian age, stratigraphic trap.
Furthermore, the Kawa-1 well is located in the northeast quadrant of the Corentyne block approximately 200 km offshore from Georgetown. The water depth is approximately 355 meters (1,174 ft) and the expected total depth of the Kawa-1 well is 6,575 meters (21,700 ft).
As previously announced, Kawa-1 will be drilled by the Maersk Discoverer, a sixth-generation semi-submersible currently working in Trinidad for another operator. CGX Resources Inc., a wholly-owned subsidiary of CGX and operator of the Corentyne block, said it has secured all necessary contracts for the drilling of Kawa-1 and is now commencing operational activities to meet the targeted spud window.
The current cost estimate to drill and evaluate Kawa-1 is between approximately US $80-$85 million, which CGX said it expects to finance from one or more options that are currently being considered.
Guyana Standard understands that the company has also assembled a highly-qualified and experienced team for the drilling campaign, which includes Kevin Lacy who has 41 years’ experience with Chevron, BP, and other companies; Todd Durkee with 33 years’ experience with Anadarko and other majors; and Karlin Costa with 40 years’ experience with Noble, Cobalt, BP, and ConocoPhillips.
As for the Company’s Vice President of Operations, Michael Stockinger, he has over 40 years of drilling operations experience. Stockinger has held various senior-level positions at large oil and gas companies including Anadarko Petroleum, Kerr-McGee, and ConocoPhillips. He has significant operational experience offshore Guyana and has drilled multiple wells in the Basin, most recently the Eagle-Tertiary Well (EGT-1) in 2012 for CGX on its Corentyne Block.
