Kawa-1 is Expected to Reach Total Depth in
the First Half of December
2021
Option Exercised With Maersk to Drill a
Second Well
TORONTO, Aug. 23, 2021 /CNW/ - Frontera Energy Corporation
(TSX: FEC) ("Frontera" or the "Company") today
announced the spudding of the Kawa-1 exploration well, offshore
Guyana. CGX Energy Inc.
("CGX") (TSXV: OYL), Frontera majority-owned subsidiary, and
its joint venture partner (collectively, the "Joint
Venture") in the Demerara and Corentyne blocks, also separately
announced an update on spud of the Kawa-1 well. Additionally, the
Joint Venture has exercised its option to drill a second well with
Maersk Drilling Holdings Singapore Pte ("Maersk") through
the use of Maersk Discoverer.
Gabriel de Alba, Chairman of
Frontera's Board of Directors and Co-Chair of CGX's Board of
Directors commented:
"Today is an important day for Frontera and CGX as we
continue to make substantial progress in realizing the value of our
investments in Guyana. The Joint
Venture has spud the Kawa-1 well, which we believe is one of the
most exciting exploration wells in the world. The Joint Venture has
also exercised its option to drill a second well offshore
Guyana under similar terms and
conditions. I am pleased with this major operational milestone for
Frontera and CGX and appreciate the ongoing support of the Guyanese
government, our employees, and our other various partners as we
work together to maximize benefits for all of our
stakeholders."
Kawa-1 Well Spudded
On August 22, 2021, the Kawa-1
well spudded. The Joint Venture expects the Kawa-1 well to reach
total depth in the first half of December
2021.
The Kawa-1 well is located in the northeast quadrant of the
Corentyne block, approximately 200 kilometers offshore from
Georgetown. The water depth is
approximately 355 meters (1174 ft) and the expected total depth of
the Kawa-1 well is 6,685 meters (21,932 ft).
With multiple opportunities based on internal geological
studies, the Kawa-1 well targets light oil in combination
structural-stratigraphic traps in large Santonian and Campanian
slope fan complexes. The primary target is a Santonian sand with
updip and lateral pinchout of the reservoir, as well as
counter-regional dip and structural closure. The Kawa-1 well is
also expected to penetrate secondary objectives in a shallower
Campanian sand and a deeper Santonian sand with the expectation of
targeting additional hydrocarbon potential. The stacked targets in
Kawa-1 are considered analogous to the discoveries immediately
adjacent to the Corentyne Block, in Block 58 in Suriname.
Additionally, the Kawa-1 well is expected to de-risk multiple
other prospects on the block which also have stacked reservoirs and
similar structural geometries. Proximity of the Corentyne block to
the Cretaceous Berbice Canyon sediment source is interpreted to
have concentrated sandstone reservoirs in the North Corentyne area.
Channelized, stacked internal fan geometries evident on 3D seismic
are indicative of thick, stacked, coarser-grained sand
reservoirs.
Drilling Team
The Joint Venture has assembled a highly-qualified and
experienced team for the drilling campaign, with extensive deep
water drilling expertise from operations around the globe,
including the Guyana Basin, which
includes:
- Kevin Lacy (41 years' experience
with Chevron, BP, Talisman - former Global Drilling Manager with
Chevron and Talisman) as Drilling Director;
- Todd Durkee (33 years'
experience with Anadarko and Kerr
McGee - previous role VP Deep Water Drilling with Anadarko)
as Senior Drilling Advisor;
- Juan Pinzon (29 years'
experience with BP, BHP, Occidental, Nabors, and Schlumberger) as
Drilling Director for Frontera;
- Karlin Costa (40 years'
experience with Noble, Cobalt, BP and ConocoPhillips – previous
role Director Offshore Wells – Noble) as Senior Drilling
Superintendent;
- Jonathan Shipley (35 years'
experience with Apache, Devon, ConocoPhillips - previous role DW
Operations Superintendent with Apache in Suriname) as Senior
Drilling Superintendent;
- Rick Ysa (30+ years' experience
with Repsol, Chevron, Devon, Kerr
McGee – previous role Drilling Project Manager Americas with
Repsol) as Senior Drilling Engineer;
- Marcus Summers (30 years'
experience with ExxonMobil, Noble, Amoco – previous role Senior DW
Drilling Engineer, ExxonMobil) as Senior Drilling Engineer;
- Brad Koskowich (30+ years'
experience with Repsol, Nexen, CNR, Suncor) as Senior Health Safety
and Environment Advisor;
- Regan Palsgrove (30+ years'
experience in several North and South American basins including at
Talisman Energy) as Head of Exploration for Frontera;
- Duncan Nightingale (30+ years'
experience globally including with Gran Tierra Energy - previous
role as interim CEO) as Corporate Vice President, Field
Development, Reservoir Management, and Exploration for
Frontera;
- Michael Stockinger (40+ years'
experience including Anadarko Petroleum, Kerr-McGee and
ConocoPhillips) as Vice President of Operations for CGX;
- Jennifer Budlong (20+ years'
experience in domestic and international basins worldwide including
Shell, BHP, Maersk Oil and Venari Resources) as Exploration Manager
for CGX.
Joint Venture Exercises Option With Maersk
As part of the agreement previously announced on April 22, 2021, between CGX Resources Inc. and
Maersk, CGX has exercised its contractual right to use the Maersk
Discoverer to drill an additional well. The decision by the Joint
Venture to exercise the option is an important step in maintaining
continuity in the exploration program during a period of high
demand in the region and consistency in working with a team
familiar with the rig - important from a health and safety,
efficiency and operational perspective. The decision on the
specific timing of the second well will be decided in the upcoming
months to capitalize on the Joint Venture's rich set of exploration
opportunities.
About Frontera:
Frontera Energy Corporation is a Canadian public company
involved in the exploration, development, production,
transportation, storage and sale of oil and natural gas in
South America, including related
investments in both upstream and midstream facilities. The Company
has a diversified portfolio of assets with interests in 39
exploration and production blocks in Colombia, Ecuador and Guyana, and pipeline and port facilities in
Colombia. Frontera is committed to
conducting business safely and in a socially, environmentally and
ethically responsible manner.
If you would like to receive News Releases via email as soon as
they are published, please subscribe here:
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About CGX:
CGX is a Canadian-based oil and gas exploration company focused
on the exploration of oil in the Guyana-Suriname Basin.
Advisories:
Cautionary Note Concerning Forward-Looking Statements
This news release contains forward-looking statements. All
statements, other than statements of historical fact, that address
activities, events or developments that Frontera believes, expect
or anticipates will or may occur in the future (including, without
limitation, statements regarding exploration and development plans
and objectives with regards to the Kawa-1 well and other
exploration opportunities, including drilling plans) are
forward-looking statements. These forward-looking statements
reflect the current expectations or beliefs of Frontera, as the
case may be, based on information currently available to the
Company. Forward-looking statements are subject to a number of
risks and uncertainties that may cause actual results to differ
materially from those discussed in the forward-looking statements,
and even if such actual results are realized or substantially
realized, there can be no assurance that they will have the
expected consequences to, or effects on, the Company. Factors that
could cause actual results or events to differ materially from
current expectations include, among other things: the need to
obtain regulatory approval; the ability of the Joint Venture to
successfully explore and develop the offshore blocks, and to fund
such exploration and development and the impact thereof of
unforeseen costs and expenses; changes in equity and debt markets;
perceptions of the prospects and the prospects of the oil and gas
industry in the countries where the Company operates or has
investments; and the other risks disclosed under the heading "Risk
Factors" and elsewhere in the Company's annual information form
dated March 3, 2021 filed on SEDAR at
www.sedar.com. Any forward-looking statement speaks only as of the
date on which it is made and, except as may be required by
applicable securities laws, Frontera disclaims any intent or
obligation to update any forward-looking statement, whether as a
result of new information, future events or results or otherwise.
Although Frontera believes that the assumptions inherent in the
forward-looking statements applicable to it are reasonable,
forward-looking statements are not guarantees of future performance
and accordingly undue reliance should not be put on such statements
due to the inherent uncertainty therein.
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SOURCE Frontera Energy Corporation
