CubaPLUS Magazine

The Joint Venture established between CGX Energy Inc. and Frontera Energy Corporation announced today the discovery of oil in the Wei-1 well, in the Corentyne block, approximately 200 km off the coast of Georgetown, Guyana.

According to reports released by local media, the joint venture has successfully completed drilling operations without any safety incidents and expects to release the drilling rig early next July.

The Wei-1 well encountered 210 feet of hydrocarbon-bearing sands on the Santonian horizon. The Joint Venture acquired wire records and extensive witness samples from the Santonian. However, due to a tool failure downhole, no oil samples were obtained. The rock and fluid properties of the Santonian will be analyzed by an independent third-party laboratory over the next few months, to define net production and a basis for evaluation of this interval.

The Joint Venture has upgraded its previously announced discovery in the Maastrichtian and Campanian intervals to a 77-foot net pay. Fluid samples from the Campanian and Maastrichtian were recovered, indicating the presence of light crude in the Campanian and medium-sweet crude in the Maastrichtian. The company's data acquisition program included wireline logs, MDT fluid samples, and sidewall cores throughout the various intervals. Over the next several months, the results will be integrated into the geological and geophysical models to form an updated view of the entire northern part of the Corentyne block, including the channel complexes discovered by the Kawa-1 and Wei-1 wells, and a prospective central channel complex, which is yet to be evaluated.

According to what was learned, the entity is satisfied with the definitive presence of oil in the Maastrichtian and Campanian, and hydrocarbons in the Santonian, since it considers that there is significant potential in the block.