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CGX Energy Files Year-End 2021 Audited Consolidated Financial Statements and Provides Operational Updates
Toronto, Ontario--(Newsfile Corp. - March 2, 2022) - CGX Energy Inc. (TSXV: OYL) (" CGX " or t...
About this update from Cgx Energy Inc.
[{"type":"text","content":"CGX Energy Files Year-End 2021 Audited Consolidated Financial Statements and Provides Operational UpdatesToronto, Ontario--(Newsfile Corp. - March 2, 2022) - CGX Energy Inc. (TSXV: OYL) (\"CGX\" or the \"Company\") announced today the release of its audited consolidated financial statements for the year ended December 31, 2021, together with its Management Discussion and Analysis (the \"Financial Disclosures\"). These Financial Disclosures will be posted on the Company's website at www.cgxenergy.com and on SEDAR at www.sedar.com. All values in the Financial Disclosures are in United States dollars unless otherwise stated.Corentyne BlockCGX and 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, have safely completed exploration activities at the Kawa-1 exploration well. In line with our exploratory objectives, the well has now been safely plugged and abandoned and the Maersk Discover drilling rig has been released from the Kawa-1 location. Only a single lost time injury was recorded throughout Kawa-1 well operations. The final cost of the Kawa-1 exploration well was $141 million. The Kawa-1 well was drilled to a total depth of 21,578 feet (6,577 metres) in the northern section of the Corentyne block. Drilling results confirm the presence of an active hydrocarbon system at the Kawa-1 location. Successful wireline logging runs confirmed net pay of approximately 200 feet (61 metres) within Maastrichtian, Campanian, Santonian and Coniacian horizons. These intervals are similar in age and can be correlated using regional seismic data to recent successes in Block 58 in Suriname and Stabroek Block in Guyana. The Joint Venture did not get MDT data or sidewall core samples and has engaged an independent third-party to complete further detailed studies and laboratory analysis on drilling cuttings from the Santonian, Campanian and Maastrichtian intervals and well-bore fluid samples to evaluate in situ hydrocarbons. Preliminary results from the Santonian interval indicate the presence of liquid hydrocarbons in the reservoir. Results from the Campanian and Maastrichtian intervals are pending. Kawa-1 well results have improved the Joint Venture's understanding of the operational and geological complexities of the basin ...