By: Franyi Sarmiento, Ph.D., Inspenet, June 23, 2022
Frontera, a joint venture partner with CGX Energy Inc. in the Petroleum Prospecting License for the Corentyne block offshore Guyana, announced that, following constructive discussions with the Government of Guyana, the joint venture will focus exclusively on exploration opportunities in the Corentyne block.
The decision follows the discovery in the Kawa-1 exploration well in the Corentyne block. Frontera will continue to integrate its findings from the Kawa-1 well into preparations for its second exploration well, called Wei-1, in the third quarter of 2022. The Wei-1 exploration well will be located approximately 14 kilometers northwest of the Kawa-1 exploration well in the Corentyne Block, approximately 200 kilometers offshore Georgetown, Guyana.
The Wei-1 exploration well will be drilled in a water depth of approximately 583 meters (1,912 feet) to a planned total depth of 6,248 meters (20,500) and will target stacked Maastrichtian, Campanian and Santonian channels in a western channel complex in the northern, Corentyne Block section.
Given the importance of the Demerara block to Guyana, Frontera, in principle, reached an agreement with the Government to allow the divestment of this block through a mutual termination agreement, the terms of which remain to be defined and documented.
Such an agreement would allow the Demerara block to be relinquished in a timely manner, whereby the people of Guyana would benefit from exploration activities under the management of the interested parties.
Orlando Cabrales, CEO of Frontera, commented, “The results of the Kawa-1 well have been an important factor in the development of a defined set of opportunities for the joint venture partners. It is important for us, as partners with the Government of Guyana, to positively resolve our desire to focus on Corentyne and not allow the Demerara block to be delayed in terms of evaluating its potential. As a result, we have, in principle, a mutual agreement to relinquish the Demerara block and allow interested parties to move forward in that area. We would like to express our appreciation to Guyana for this constructive outcome that benefits all parties.”
Frontera is a Canadian public company engaged in the exploration, development, production, transportation, storage and sale of oil and natural gas in South America, including related investments in upstream and midstream facilities.
Source: https://www.valoraanalitik.com/2022/06/16/frontera-centrara-guyana-en-bloque-corentyne/
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