Frontera Energy Corporation along with CGX Energy announced on Wednesday evening that the Wei-1 well on the Corentyne block, approximately 200 kilometres offshore from Georgetown, Guyana has been successfully drilled to a depth of 19,142 feet (5,834 metres). The Wei-1 well is located approximately 14 kilometres northwest of the previous Kawa-1 light oil and condensate discovery.
The Candian duo said the well has encountered oil-bearing intervals in the western channel fan complex of the northern portion of the Corentyne block in formations of Maastrichtian and Campanian ages.
They said in separate statements that a comprehensive logging campaign in the Maastrichtian and Campanian intervals indicated the presence of oil, confirmed by downhole analysis.
Guyana Standard understands that logging while drilling (LWD) and cuttings indicate the presence of hydrocarbons in the upper portion of the Santonian; but fluid samples have not yet been fully obtained. They said, “Preliminary indications from the secondary targets in the Maastrichtian and Campanian are positive, however no assurance can be given that these activities will ultimately produce hydrocarbons in commercial quantities.”
The Joint Venture Group said it expects to complete Wei-1 operations within the original 4-5 month timeframe as announced on January 23, 2023.
They have also updated their well total cost estimates to US$175-US$190 million to successfully reach the target total depth, and complete its drilling programme. The increase in cost includes the delays associated with the late arrival of the rig, costs associated with fishing and sidetrack operations and associated post well evaluations.
