The government on Wednesday welcomed the discovery of oil at the Wei-1 exploration well in the Corentyne Block, undertaken by CGX Energy Incorporated and Frontera Energy Corporation.
A release from the Ministry of Natural Resources alluded to the discovery of hydrocarbon-bearing sandstone reservoirs within the Maastrichtian, Campanian, and Santonian intervals.
It said that the Maastrichtian and Campanian intervals have demonstrated a significant net pay of 23.5 meters, as reported to the ministry. In order to thoroughly evaluate the potential, the release noted that CGX Energy is currently conducting comprehensive assessments specifically focused on the Santonian interval.