Corentyne Block

CGX Resources Inc. operates the Corentyne block under a Joint Operating Agreement (JOA) with Frontera Energy Corporation.

In 2021/2022, CGX successfully drilled its operated exploration well, Kawa-1, in the eastern channel sand complex identified in the northern segment of the Corentyne block.  Success at Kawa-1, with 228 feet of net pay, proved an active hydrocarbon system that extends over a 6000 ft column, with preservation of good porosity at depth and helped de-risk additional prospects in the block.  Hydrocarbon type discovered at Kawa-1 mirrors regional trends in the Guyana-Suriname Basin, with gas condensate prone Maastrichtian and Campanian and oil prone Santonian and deeper intervals.  Kawa-1 partially de-risks surrounding prospect inventory at similar horizons elsewhere on the block, including the upcoming Wei-1 well.  Wei-1 is being drilled between the Kawa-1 discovery and the Pluma discovery, on-trend with other major commercial discoveries near the northern region of the Corentyne block.  The Wei-1 well will spud 4Q 2022 and target the western channel sand complex identified in the northern segment of the Corentyne block.  CGX’s seasoned deep-water team is focused and ready to drill its operated Wei-1 exploration well with its JV partner Frontera Energy.

In 2019, CGX contracted PGS Geophysical to provide acquisition and processing services of a full broadband marine 3D seismic survey over a northern segment of the Corentyne block located offshore Guyana. The seismic acquisition was completed in 3Q 2019 and produced a seismic data volume covering approximately 570 km².  PGS completed PSTM (Pre-Stack Time Migration) and PSDM (Pre-Stack Depth Migration) processing in 2Q 2020.  This survey enhanced the previously acquired seismic data volume over the Corentyne block.  In 2021, CGX completed its evaluation of the 3D seismic data over the northern segment of the Corenytne block and identified multiple high potential prospects in the region.  An enhanced look at the northern segment of the Corentyne block’s prospectivity and potentially low-risk and high-value prospect inventory were developed.