Canadian explorer, Frontera Energy Corporation recently disclosed its intention to spend between US$170-$200M exploring prime assets in Colombia, Ecuador, and Guyana.
In Colombia and Ecuador, Frontera said it anticipates spending US$50-$60M on various exploration activities including drilling the Winner-1 and Tubara South-1 exploration wells in VIM-22 block in Colombia and the Yin Sur-1 well in Ecuador. It also intends to carry out initial seismic activities in both territories.
In Guyana where it is a partner with CGX Energy on the Corentyne block, Frontera anticipates spending approximately US$120-$140 million on the Wei-1 well. That well is located approximately 14 kilometres northwest of the Joint Venture’s previous Kawa-1 light oil and condensate discovery and will target Maastrichtian, Campanian and Santonian aged stacked sands within in the northern section of the Corentyne block. The Wei-1 well will appraise both the Kawa-1 discovery as well as explore additional opportunities within the Corentyne block.
Frontera and CGX had formed a joint venture in 2019 with a 68/32 percent split, respectively, on the Corentyne Block.
Orlando Cabrales, Chief Executive Officer, commented that the company is excited about its exploration programmes as it anticipates reloading its reserves for future growth.