Canadian oil exploration companies, CGX Energy Inc. and Frontera Energy, have made an exciting announcement about their recent oil discovery in Guyana. Located approximately 200 kilometers offshore from Georgetown, the Wei-1 well in the Corentyne block has proven to be a significant find.
The drilling operations were successfully completed without any safety incidents, and the companies expect to release the drilling rig in early July 2023. The Wei-1 well encountered 210 feet of hydrocarbon-bearing sands in the Santonian horizon, with wireline logs and extensive core samples obtained for further analysis.
Although tool failure prevented the acquisition of oil samples, the rock and fluid properties of the Santonian will be examined by an independent laboratory over the next few months.
Moreover, the previously announced discovery in the Maastrichtian and Campanian intervals has been updated, revealing 77 feet of net pay and the presence of light crude oil in the Campanian and sweet medium crude oil in the Maastrichtian.
This recent oil discovery marks a significant milestone in offshore Guyana’s exploration efforts, with a total of 45 findings since 2015, showcasing the country’s vast hydrocarbon potential. The results of further evaluations will determine if this new discovery holds commercial interest, and both CGX Energy Inc. and Frontera Energy are optimistic about the significant potential within the Corentyne block.