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CGX and Frontera Discover 114 Feet (35 Meters) of Net Pay at Wei-1 Well, Offshore Guyana
342 Feet (104 meters) of Total Net Pay Discovered to Date on North Corentyne, Confirming the Sign...
About this update from Cgx Energy Inc.
[{"type":"text","content":"CGX and Frontera Discover 114 Feet (35 Meters) of Net Pay at Wei-1 Well, Offshore Guyana342 Feet (104 meters) of Total Net Pay Discovered to Date on North Corentyne, Confirming the Significant Potential of the Corentyne BlockWei-1 Maastrichtian Rock Quality Analogous to Recent Discoveries Reported in The Basin1Results Further Demonstrate the Potential for a Standalone Shallow Oil Resource Development Across the Corentyne BlockHoulihan Lokey Supporting Active Pursuit of Strategic Options for Corentyne Block Including Potential Farm DownConceptual Field Development Plan CompletedCGX Announces Filing of Third Quarter 2023 Financial StatementsToronto, Ontario and Calgary, Alberta--(Newsfile Corp. - November 9, 2023) - CGX Energy Inc. (TSXV: OYL) (\"CGX\") and Frontera Energy Corporation (TSX: FEC) (\"Frontera\"), the majority shareholder of CGX and joint venture (the \"Joint Venture\") partner of CGX in the Petroleum Prospecting License for the Corentyne block offshore Guyana, are pleased to announce today the discovery of a total of 114 feet (35 meters) of net pay at the Wei-1 well on the Corentyne block, approximately 200 kilometers offshore from Georgetown, Guyana. The Joint Venture believes that the rock quality discovered in the Maastrichtian horizon in the Wei-1 well is analogous to that reported in the Liza Discovery on Stabroek block1. Results further demonstrate the potential for a standalone shallow oil resource development across the Corentyne block. The Joint Venture has discovered total net pay of 342 feet (104 meters) to date on the Corentyne block, as summarized below.Feet of Net PayWei-1Kawa-1Total Net Pay by ZoneMaastrichtian136881Campanian6166127Santonian4076116Coniacian*-1818Total Net Pay114228342 *Coniacian targeted in Kawa-1 well only.The Joint Venture also announces that Houlihan Lokey, a leading global investment bank and capital markets expert, is supporting active pursuit of strategic options for the Corentyne block, including a potential farm down, as it seeks to develop this potentially transformational oil investment in one of the most attractive oil and gas destinations in the world today, Guyana. There can be no guarantee that the review of strategic options will result in a transaction.Gabriel de Alba, Chairman of Frontera's Board of Directors, and Co-Chairman of CGX's Board of Directors, commente...