Frontera has announced plans to drill a second exploration well in the Corentyne Block offshore Guyana.
After searching for more than 22 years, Frontera and its joint venture partner CGX Energy discovered oil in commercial quantities at the Kawa-1 well offshore the Corentyne. Plans to drill a second well was announced last week in a press statement.
The company anticipates spudding its second commitment well, called Wei-1, in the second half of 2022. Wei-1 will be drilled in a water depth of approximately 580 metres and will target Campanian and Santonian aged targets identified in the western fan complex in the northwestern part of the Corentyne block.
“Frontera and CGX anticipate spending US$110-$130 million on Guyana exploration primarily to drill Wei-1, our second high impact exploration well in the most exciting offshore basin in the world,” said Orlando Cabrales, Chief Executive Officer (CEO) of Frontera, in the statement.
According to Frontera, CGX anticipates spending a further US$5-$10 million on Guyana infrastructure to advance the Berbice Deepwater Port Project.
Frontera notes that CGX is currently assessing several strategic opportunities to obtain additional financing to meet the costs of the drilling and infrastructure program.
