Frontera, CGX postpone Guyana well drilling

Frontera Energy

28/11/2022 15:54

Nov 28 (Reuters) - A joint venture formed by
Canada-based companies Frontera Energy Corp  FEC.TO  and CGX
Energy Inc  OYL.V  said on Monday it was postponing drilling of
the Wei-1 well in offshore Guyana, citing contractor
obligations.
    The JV said it has agreed with the Guyanese government to
start drilling no later than Jan. 31, 2023 to allow contractor
Noble Corp Plc  NE.N  to complete current obligations in
Trinidad.
    Frontera and CGX were previously scheduled to begin drilling
the well by Nov. 27.
    Wei-1 is one of two wells on Guyana's Corentyne block that
the companies have committed to drill. The other well, Kawa-1,
struck light oil and gas condensate in May, though the companies
had not said how much oil was found or whether it was
commercially viable.
    The JV is expected to be the next consortium to move oil
exploration projects in Guyana to the development phase, after a
group led by Exxon Mobil  XOM.N  found about 11 billion barrels
in recoverable oil and gas resources and began output in 2019.
 (Reporting by Ruhi Soni in Bengaluru; Editing by Shounak
Dasgupta)
 ((Ruhi.Soni@thomsonreuters.com; Twitter: https://twitter.com/ruhithere))