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.
