Business
CGX Energy Updates: Announces Filing of First Quarter Financial Statements and Drilling Operational Updates
Toronto, Ontario--(Newsfile Corp. - May 3, 2023) - CGX Energy Inc. (TSXV: OYL) (" CGX " or the " ...
About this update from Cgx Energy Inc.
[{"type":"text","content":"CGX Energy Updates: Announces Filing of First Quarter Financial Statements and Drilling Operational UpdatesToronto, Ontario--(Newsfile Corp. - May 3, 2023) - CGX Energy Inc. (TSXV: OYL) (\"CGX\" or the \"Company\") announced today the release of its unaudited Consolidated Financial Statements for the first quarter of 2023, together with its Management, Discussion and Analysis - Quarterly Highlights (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.Company Highlights: Wei-1 Well Operational UpdateThe Wei-1 well (the \"Well\") is currently being drilled by CGX and Frontera Energy Corporation (\"Frontera\") (the \"JV Partners\"). CGX holds a 32.00% participating interest with Frontera holding the remaining 68.00% participating interest in the Corentyne block. The Well, planned to be drilled to a total depth of 20,500 feet, to date has been successfully drilled to a depth of 19,142 feet. Wei-1 is located 14 kilometers west of the Kawa-1 discovery well announced by the JV Partners last year.Operations were interrupted when a wireline fluid sampling tool became stuck in the Well and was not recovered. An open hole sidetrack will begin shortly from below the last casing point and will progress to the planned total depth. The JV Partners expect the Well to be completed within the original timeframe announced on January 23, 2023 of 4 to 5 months after spudding the Well.The Well has encountered multiple oil-bearing intervals in the western channel fan complex of the northern portion of the Corentyne block in formations of Maastrichtian and Campanian ages. A comprehensive logging campaign in the Maastrichtian interval indicated the presence of medium sweet crude oil of 24.9 API. Downhole fluid analysis confirmed light sweet crude oil in the Campanian interval. Logging while drilling (LWD) and cuttings indicated the presence of hydrocarbons in the upper portion of the Santonian; fluid samples have not yet been obtained. Core samples will be attempted in the Santonian interval when drilling resumes. It is not yet certain that the hydrocarbons encountered to date in the Well are yet sufficient to underpin commercial development on the Northern portio...