CGX Energy Inc. and Frontera Energy Corporation, joint venture partners in the Corentyne block, have filed a notice of potential commercial interest for the Wei-1 well.
The joint venture’s notice was formally submitted to the Government of Guyana, to safeguard their interests in the exploration and potential development of the discovery. This filing could pave the way for extended exploration and eventual production activities in the area.
In 2023, CGX Energy and Frontera Energy successfully drilled the Wei-1 well, their second well on the Corentyne block. This effort met the obligations of phase two of the second renewal period of their original 10-year petroleum prospecting license and served as an appraisal well for the Kawa-1 Appraisal Programme.
The submission of the notice of potential commercial interest follows ongoing dialogues between the joint venture and the Government of Guyana. These discussions have focused on the conditions under which further exploration and development activities might proceed in the Corentyne block. The joint venture has expressed its intent to conclude these discussions swiftly and has committed to providing timely updates as the situation evolves.
With the support of investment bank and capital markets experts Houlihan Lokey, the joint venture said it is actively exploring strategic options to unlock the full potential of the Corentyne block. This includes evaluating various approaches to further development and considering potential partnerships or investments that could enhance the project’s viability and profitability.
