CGX Energy makes oil find in Guyana

CGX Energy and partner Frontera Energy have made an additional find on the Corentyne block offshore Guyana, the Canadian E&P company announced on Thursday.

The partners encountered 35 metres of net pay at the Wei-1 well located around 200 kilometres from the country’s capital.

According to the partners, the new discovery is analogous to the prolific Liza discovery on the nearby Stabroek block and further demonstrates the possibility for commercial development of the concession.

So far, the companies have found 104 metres to date at the block, including from the Kawa-1 well announced in May 2022.

Conceptional development of the field has been completed by a joint venture between Subsea 7 and SLB that includes subsea architecture, development well planning and production and export facilities.

The partners also announced that American investment bank and financial services company Houlihan Lokey had been hired to support strategic options on the block, including possibilities of a farm down.

CGX Energy holds a 32% operating stake in the block, with fellow Canadian energy independent Frontera Energy Corporation holding the remaining 68% shares.