CGX Energy Obtains Extension For Spudding Of Wei-1 From Goverment Of Guyana

CGX Energy (TSXV: OYL) this morning in partnership with Frontera Energy (TSX: FEC) announced that they have received an extension for spudding the Wei-1 exploration well following delays to the spudding of the well. The well is set to be drilled off the coast of Guyana.

The firm this morning presented the news as having a “continued commitment” to drill the well, with final preparations now said to be complete in advance of spudding. However, delays have caused the joint venture to obtain an extension from the Government of Guyana for its required “spud-by” date for the well. The well was previously required to have been spud by November 27, with that date now extended to January 31, 2023.

The delay appears to be related to the availability of the drilling rig that is to be supplied by NobleCorp, which has been delayed by certain obligations it holds in Trinidad. The revised timeline now forsees the spudding of the Wei-1 well occurring sometime between December and late January, in-line with the extension received from the Government of Guyana.

READ: CGX Energy Loses Majority Interest In Corentyne Block In Attempt To Fund Exploration

The Wei-1 well is set to be drilled 14 kilometres northwest of the Kawa-1 exploration well within the Corentyne block. The well will be roughly 200 kilometres off the coast of Georgetown, Guyana, and is expected to be drilled to a total depth of 6,248 metres.

CGX Energy last traded at $0.97 on the TSX Venture.


Information for this briefing was found via Sedar and the companies mentioned. The author has no securities or affiliations related to this organization. Not a recommendation to buy or sell. Always do additional research and consult a professional before purchasing a security. The author holds no licenses.

Video Articles

Silver’s Finally Breaking the System | Keith Neumeyer – First Majestic

The Best News for Gold Was the Drop! – Peter Grandich

McEwen Copper: The Los Azules Feasibility Study

Recommended

Silver47 Completes Property-Wide Geochemical, Rock Sampling Program At Adams Plateau, Identifies Numerous Targets

Altamira Gold Identifies Presence Of Second Mineralized Porphyry Body At Cajueiro

Related News

CGX Energy Finally Spuds Wei-1 Well After Months Of Delays

After months of endless delays, CGX Energy (TSXV: OYL) is reporting this morning that it...

Monday, January 23, 2023, 08:33:37 AM

Frontera Energy Launches Share Buyback Program

Frontera Energy (TSX: FEC) is looking to boost its valuation. The firm this morning announced...

Tuesday, March 15, 2022, 07:51:50 AM

CGX Energy Announces 200ft Net Pay For Kawa-1, Abandons 2022 Exploration Plans For Demerara

CGX Energy (TSXV: OYL) this morning released slightly more details on its Kawa-1 well, which...

Monday, February 14, 2022, 08:50:42 AM

CGX Energy To Relinquish Berbice, Demerara Blocks In Guyana As Focus Turns To Corentyne

CGX Energy (TSXV: OYL) is close to going all-in on its Corentyne block, found offshore...

Friday, June 17, 2022, 09:06:55 AM

Frontera, CGX Lose Guyana Petroleum Prospecting License

CGX Energy (TSXV: OYL) and Frontera Energy (TSX: FEC) appear to have lost a major...

Tuesday, February 11, 2025, 08:11:18 AM