Oil explorer CGX Energy says it has reached a total depth of 20,450 feet on its Wei-1 bypass well in the Corentyne Block, Corentyne and will now undertake further examination of “encouraging” hydrocarbon deposits.
A statement from the company on June 13 said that the total depth on the original Wei-1 well was 19,142 feet.
The bypass was drilled from 18,757 feet to the total depth of 20,450 feet and penetrated the primary Santonian targets of the Well in the western complex in the northern portion of the Corentyne block.
Prior to the bypass, CGX Energy said that the Well encountered an aggregate of approximately 71 feet of net oil pay in the secondary target reservoirs in the Maastrichtian and Campanian.
Following the bypass, the company said that data collected from LWD (Logging While Drilling) and cuttings indicate multiple hydrocarbon shows in the primary target reservoirs in the Santonian interval.
“Results from the well are encouraging: data acquisition is ongoing via wireline logging, MDT’s (Modular Formation Dynamics Tester) and side wall core sampling”, the company said.
It added that an update on Well results will be provided when the acquisition and evaluation has been finalized.
Results from the Well are consistent with pre-drill expectations and have confirmed the Company’s geologic and geophysical assessment of the block, the CGX Energy statement said. As operations continue, the Joint Venture has also revised its total Wei-1BP1 (Wei-1 bypass) cost estimates to approximately US$190-$195 million to complete the logging runs, finish well operations, and release the rig. The additional costs are primarily due to the lost sampling tool and the drilling of the bypass well, the statement said.
The Well was drilled by CGX and Frontera Energy Corporation. CGX holds a 32.00% participating interest with Frontera holding the remaining 68.00% participating interest in the Corentyne block, offshore Guyana.
CGX has been scouting for oil here since 2000. While it has made some promising finds nothing has been commercialised.
