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The Kawa-1 Exploration Well Offshore Guyana Has Spud
Kawa-1 Is Expected to Reach Total Depth in the First Half of December 2021 Option Exercise...
About this update from Cgx Energy Inc.
[{"type":"text","content":"The Kawa-1 Exploration Well Offshore Guyana Has SpudKawa-1 Is Expected to Reach Total Depth in the First Half of December 2021Option Exercised with Maersk to Drill a Second WellToronto, Ontario--(Newsfile Corp. - August 23, 2021) - CGX Energy Inc (TSXV: OYL) (\"CGX\" or \"the Company\"), today announced the spudding of the Kawa-1 exploration well, offshore Guyana. CGX and Frontera Energy Corporation (TSX: FEC) (\"Frontera\"), the majority shareholder of CGX, and its joint venture partner (collectively, the \"Joint Venture\") in the Demerara and Corentyne blocks, also separately announced an update on spud of the Kawa-1 well. Additionally, the Joint Venture has exercised its option to drill a second well with Maersk Drilling Holdings Singapore Pte (\"Maersk\") through the use of Maersk Discoverer.Gabriel de Alba, Co-Chair of CGX's Board of Directors and Chairman of Frontera's Board of Directors commented:\"Today is an important day for CGX and Frontera as we continue to make substantial progress in realizing the value of our investments in Guyana. The Joint Venture has spud the Kawa-1 well, which we believe is one of the most exciting exploration wells in the world. The Joint Venture has also exercised its option to drill a second well offshore Guyana under similar terms and conditions. I am pleased with this major operational milestone for CGX and Frontera and appreciate the ongoing support of the Guyanese government, our employees, and our other various partners as we work together to maximize benefits for all of our stakeholders.\"Kawa-1 Well SpuddedOn August 22, 2021, the Kawa-1 well spudded. The Joint Venture expects the Kawa-1 well to reach total depth in the first half of December 2021. The Maersk Discoverer, which is on station, is pictured below.The Maersk DiscovererTo view an enhanced version of this graphic, please visit:https://orders.newsfilecorp.com/files/5961/94055_dcfba7c744f35996_001full.jpgThe Kawa-1 well is located in the northeast quadrant of the Corentyne block, approximately 200 kilometers offshore from Georgetown. The water depth is approximately 355 meters (1,174 ft) and the expected total depth of the Kawa-1 well is 6,685 meters (21,932 ft). With multiple opportunities based on internal geological studies, the Kawa-1 well targets light oil in combination structural-stratigraphic traps in large S...