CGX ENERGY AND FRONTERA DISCOVER HYDROCARBONS AT KAWA-1 OFFSHORE GUYANA

CGX Energy and Frontera Energy joint venture partners in the Petroleum Prospecting License for the Corentyne block offshore Guyana, today announced integrated results from the Kawa-1 exploration well, offshore Guyana. The Kawa-1 well was drilled in water depth of approximately 355 metres (1,174 ft) to a total depth of 21,578 feet (6,577 metres) in the northern portion of the Corentyne block.
The joint venture encountered hydrocarbons in multiple zones extending from 15,216 feet (4,638 metres) in the Maastrichtian to 21,547 feet (6,568 metres) in the Coniacian. Essentially every sand encountered over this interval indicated the presence of hydrocarbons. A total of 228 feet (69 metres) of net pay was found distributed throughout the Maastrichtian (68 feet/21 metres), Campanian (66 feet/20 metres), Santonian (76 feet/23 metres) and Coniacian (18 feet/5 metres) horizons with individual pay zones up to 35 feet (11 metres) thick. 2 Following completion of drilling activities at the Kawa-1 exploration well, the Joint Venture engaged independent third-party laboratories and experts to complete detailed studies, refined mapping and analyses to provide opinions on reservoir quality and hydrocarbon type. This integrated analysis has provided further support for the Joint Venture’s initial interpretations that the Kawa-1 exploration well successfully discovered light oil in the Santonian and Coniacian and gas condensate in the Maastrichtian and Campanian as supported by cuttings, mud gas and annulus fluid analysis.
Based on the Kawa-1 discovery and a better understanding of the tie between seismic and rock type in the northern portion of the Corentyne block, the Joint Venture has identified additional Maastrichtian, Campanian, and Santonian potential in the central channel complexes between Wei-1 and Kawa-1. The central channel complexes are the focus of ongoing technical work.
CGX is a Canadian-based oil and gas exploration company focused on the exploration of oil in the GuyanaSuriname Basin and the development of a deep-water port in Berbice, Guyana.
Frontera is a Canadian public company involved in the exploration, development, production, transportation, storage and sale of oil and natural gas in South America, including related investments in both upstream and midstream facilities. The Company has a diversified portfolio of assets with interests in 34 exploration and production blocks in Colombia, Ecuador and Guyana, and pipeline and port facilities in Colombia.
(Source: CGX Energy)