Frontera Energy Corporation yesterday disclosed that a total of 32 drill prospects have been identified in the offshore Corentyne and Demerara blocks.
Frontera and its partner, CGX Energy Inc, contracted McDaniel & Associates Consultants Ltd to conduct a resource evaluation of their concessions in the Guyana-Suriname basin
In a statement, Frontera announced that McDaniel identified 27 prospects in the Corentyne block and 5 in the Demerara block.
The statement noted that the 64% of the fluid content considered for the prospects comprised of oil, 28% natural gas and the remaining 8% condensates.
“These results support management’s view that the blocks are highly prospective,” the statement added.
“We thank the Government of Guyana for its continued support and partnership, which are essential to the long-term success of this strategic initiative for the benefit of all stakeholders…As confirmed by the independent resource evaluation commissioned, the Guyana basin offers the Joint Venture [Frontera and CGX] access to a leading offshore oil opportunity. We expect a robust Guyana work program with the advancement of our exploration wells, as we continue executing on our plan to realize this value for our shareholders,” Chairman of the Board of Directors Gabriel De Alba was quoted as saying.
Meanwhile, Chief Executive Officer of Frontera Richard Herbert said that the resource study reaffirms the two companies’ excitement about the “world-class prospectivity” of the Corentyne and Demerara blocks offshore Guyana, before adding that with the support of the government in re-phasing their exploration plans they are eagerly processing their work programmes for Corentyne and Demerara.
Frontera holds a direct working interest of 33.3% in both the offshore Corentyne and Demerara blocks and, together with CGX, shares ownership of 73.8%, resulting in a total consolidated working interest of 82.6% in the blocks.
Extension for Demerara well
Additionally, Frontera said that they have successfully rescheduled the Joint Venture work commitments with respect to its Petroleum Prospecting License for the Demerara block offshore Guyana. It revealed that the existing February 12, 2021 deadline for drilling the next well will be extended to February 11, 2022 subject to documentation.
In addition, it was stated that they are advancing their exploration programme in both the Corentyne and Demerara blocks with well locations being selected by the Joint Venture.
Frontera revealed that in the Corentyne block, plans are proceeding on the Kawa-1 exploration well. They said that Kawa-1 will be spudded during the second half of this year. “Well design is complete, procurement of long lead items is in advanced stages and key technical staff have been recruited. The Joint Venture plans to spud the Kawa-1 exploration well during the second half of this year and expects to drill the well in a water depth of approximately 1,100 feet targeting the Campanian-Santonian-aged stratigraphic trap, interpreted to be analogous to the discoveries immediately to the east on Block 58 in Suriname. Additional prospects and leads on the northern portion of Corentyne have been identified and are being matured by the Joint Venture,” the statement said.
As it relates to the Demerara block, Frontera said that they continue preparatory work for the Makarapan-1 exploration well, an Aptian stratigraphic prospect on the block. It said that additional prospects and leads on the block have been identified and are being pursued by the Joint Venture.
Frontera is a Canadian public company and a leading explorer and producer of crude oil and natural gas, with operations focused in South America.
