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CGX Energy Update: Wei-1 Reaches Total Depth, 71 Feet of Net Oil Pay Discovered in Secondary Targets in the Maastrichtian and Campanian, Testing of Primary Targets in the Santonian Has Commenced
Toronto, Ontario--(Newsfile Corp. - June 13, 2023) - CGX Energy Inc. (TSXV: OYL) ("CGX") announce...
About this update from Cgx Energy Inc.
[{"type":"text","content":"CGX Energy Update: Wei-1 Reaches Total Depth, 71 Feet of Net Oil Pay Discovered in Secondary Targets in the Maastrichtian and Campanian, Testing of Primary Targets in the Santonian Has CommencedToronto, Ontario--(Newsfile Corp. - June 13, 2023) - CGX Energy Inc. (TSXV: OYL) (\"CGX\") announced today they have successfully reached total depth (TD) of 20,450' on the Wei-1BP1 (Wei-1 bypass exploration and appraisal well or the \"Well\"). The original Wei-1 wellbore reached a depth of 19,142'. A bypass well (Wei-1BP1) was drilled from 18,757' to total depth (TD) and penetrated the primary Santonian targets of the Well in the western complex in the northern portion of the Corentyne block.Prior to the bypass, the Well encountered an aggregate of approximately 71 feet of net oil pay in the secondary target reservoirs in the Maastrichtian and Campanian. Following the bypass, data collected from LWD (Logging While Drilling) and cuttings indicate multiple hydrocarbon shows in the primary target reservoirs in the Santonian interval. Results from the well are encouraging: data acquisition is ongoing via wireline logging, MDT's and side wall core sampling. An update on Well results will be provided when the acquisition and evaluation has been finalized.Results from the Well are consistent with pre-drill expectations. The Well has confirmed the Company's geologic and geophysical assessment of the block. As operations continue, the Joint Venture has revised its total Wei-1BP1 cost estimates to approximately $190-$195 million to complete the logging runs, finish well operations, and release the rig. The additional costs are primarily due to the lost sampling tool and the drilling of the bypass well.The Well was drilled by CGX and Frontera Energy Corporation. CGX holds a 32.00% participating interest with Frontera holding the remaining 68.00% participating interest in the Corentyne block, offshore Guyana.About CGX CGX is a Canadian-based oil and gas exploration company focused on the exploration of oil in the Guyana-Suriname Basin and the development of a deep-water port in Berbice, Guyana.NEITHER THE TORONTO STOCK EXCHANGE, TSX VENTURE EXCHANGE NOR THEIR REGULATION SERVICES PROVIDERS (AS THAT TERM IS DEFINED IN THE POLICIES OF THE TORONTO STOCK EXCHANGE AND TSX VENTURE EXCHANGE) ACCEPTS RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THIS RELEAS...