CGX Energy Inc disclosed today that the spudding of the Kawa-1 exploration well in the Corentyne Block offshore Guyana has finally started with full depth expected to be achieved in the first half of December.
CGX and Frontera Energy Corporation, the majority shareholder of CGX, and its joint venture partner in the Demerara and Corentyne blocks, also disclosed that they have decided to exercise their option to drill a second well with Maersk Drilling Holdings Singapore through the use of Maersk Discoverer.
Gabriel de Alba, Co-Chair of CGX’s Board of Directors and Chairman of Frontera’s Board of Directors commented that the drilling of the Kawa-1 well represents a major milestone for the partners in realizing the value of their investments in Guyana.
Alba said, “The Joint Venture has spud the Kawa-1 well, which we believe is one of the most exciting exploration wells in the world. The Joint Venture has also exercised its option to drill a second well offshore Guyana under similar terms and conditions.”
The Kawa-1 well is located in the northeast quadrant of the Corentyne block, approximately 200 kilometers offshore from Georgetown. The water depth is approximately 355 meters (1,174 ft) and the expected total depth of the Kawa-1 well is 6,685 meters (21,932 ft).
With multiple opportunities based on internal geological studies, the Kawa-1 well targets light oil in combination with structural-stratigraphic traps in large Santonian and Campanian slope fan complexes.
The Kawa-1 well is also expected to penetrate secondary objectives in shallower Campanian sand and deeper Santonian sand with the expectation of targeting additional hydrocarbon potential. The stacked targets in Kawa-1 are considered analogous to the discoveries immediately adjacent to the Corentyne Block, in Block 58 in Suriname.
