Despite oil exploration company, CGX Energy Inc’s decision not to drill here this year at least one company expects to commence drilling onshore in a couple of months.
Takutu Oil and Gas Inc, the local subsidiary of Groundstar Resources Limited and Canacol Energy Ltd has a tentative commencement date in August, Stabroek News has learnt. It has been transporting equipment and supplies to the drill location in the Rupununi, Region Nine. On April 21, Groundstar, a Canadian oil exploration company, had announced that a rig contract has been executed for the drilling of the Apoteri K-2 exploration well in Guyana.
It was anticipated that the rig would arrive on location within 60 to 75 days, and that drilling would commence shortly thereafter. Groundstar has a 10% working interest in the Takutu Petroleum Pros-pecting Licence (PPL), which contains the Karanambo discovery drilled by Home Oil in 1982 while Canacol Energy Ltd holds the remaining 90% interest in the PPL.
The joint venture plans to drill the Apoteri K-2 well to a total measured depth of approximately 11,000 feet. Gaffney Cline and Associates attributed gross mean recoverable prospective resources of 128 million barrels of oil to the discovery in a December 2009 report compiled for Canacol. Groundstar to date has completed the construction of the drilling pad, access roads, and staging areas in preparation for drilling, and has purchased and mobilized wellheads sufficient for 3 wells which are now in country. The well is anticipated to take roughly 50 days to drill, and if successful will be put on a long-term production test to establish the deliverability and performance of the formations.
The company earlier had tentatively said that drilling could commence last month. However, this newspaper was told that given the wet conditions in the Rupununi, a tentative date of August has been set. Under the terms of a new (May 22, 2009) three-year Petroleum Agreement with the Guyana Geology and Mines Commission, the operator was obliged to drill one exploration well by May 22, 2010, and a second well by May 22, 2011, according to information on the company’s website.
On Monday, Canadian oil exploration company, CGX Energy said it now expects to commence drilling here next year after earlier saying that drilling could begin here in the latter part of this year. CGX has pushed back the expected drilling start a number of times. In a statement, the company said that the Jaguar well is planned to be drilled in the first half of 2011 while the Eagle well will be drilled after. This newspaper was told that CGX has issues with the unavailability of rigs.
Meantime, Sadhna Petroleum, a Trinidadian exploration and drilling company, which with Groundstar signed agreements with the Government of Guyana in 2006 for the exploration for petroleum products and for the sharing of returns if the findings were in commercially viable quantities is no longer in the picture. The company had been allocated blocks in the Mahaica/ Mahaicony area. Among other reasons, its contract has expired and it has not sought to renew it. It is now expected that the company’s acreage will be opened for interested parties to pursue.
