CGX Resources Inc. recently disclosed that the government has granted it a one-year deadline that comes to an end on November 27, 2021, to drill its exploration well on the Corentyne block.
The oil company which is in a joint venture partnership with Frontera Energy said it has remained committed to completing its exploratory commitments in full, despite operational activities in Guyana being severely affected for much of 2020 due to the COVID-19 pandemic.
CGX was keen to remind that it was in December 2018 that the Stabroek block’s Pluma well had found 37 meters (121 feet) of high-quality hydrocarbon-bearing sandstone reservoir approximately 2 miles from the Corentyne Block. Additionally, on the Stabroek Block in February 2019, the Haimara well found 63 meters (207 feet) of high-quality gas-condensate bearing sandstone reservoir and is approximately 8 miles from the Corentyne Block.
Further to the Stabroek discoveries, CGX recalled that in January 2020 on Block 58, the Maka Central well made a significant oil discovery offshore Suriname approximately 7 miles from the Corentyne Block. This was followed in April 2020 with an announcement of Sapakara West-1 well with at least 79 meters (259 feet) of net oil and gas condensate pay in two intervals approximately 20 miles from the Corentyne Block.
Furthermore, in July 2020, the Kwaskwasi well was reported to have at least 278 meters (912 feet) of net oil and volatile oil / gas condensate pay in two intervals approximately 15 miles from the Corentyne Block. Additionally in January 2020, the Carapa-1 exploration well, drilled on the Kanuku Block offshore Guyana, announced approximately 4 meters of net oil pay. CGX said that this extended the prolific Cretaceous oil play further to the southwest.
Overall, CGX said that the Guyana Basin since 2015 has shown a steady increase in the discovered resource barrels found. And given the proximity of some of these finds to the Corentyne block, the company says it is expected to define and reveal the prospect that shows the most promise for drilling.