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CGX Energy (TSXV: OYL) this morning in partnership with Frontera Energy (TSX: FEC) announced that they received an extension to spudding the Wei-1 exploration well after delays in spudding the well. The well is set to be drilled off the coast of Guyana.
The company this morning presented the news as a “continuing commitment” to drill the well, with final preparations now said to be completed ahead of spudding. However, the delays 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 be 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 to be provided by NobleCorp, which has been delayed by certain obligations it holds in Trinidad. The revised timeline now foresees the spudding of the Wei-1 well taking place between December and the end of January, in line with the extension received from the Government of Guyana.
READ: CGX Energy loses majority interest in Corentyne block in bid to fund exploration
The Wei-1 well is set to be drilled 14 kilometers northwest of the Kawa-1 exploration well in the Corentyne block. The well will be approximately 200 kilometers off the coast of Georgetown, Guyana, and is expected to be drilled to a total depth of 6,248 meters.
CGX Energy last traded at $0.97 on the TSX Venture.
The information for this information was found via Sedar and the companies mentioned. The author has no securities or affiliations related to this organization. It is not recommended to buy or sell. Always do additional research and consult a professional before purchasing a security. The author has no licenses.
As the founder of The deep dive, Jay is focused on all aspects of the business. This includes operations, as well as acting as the primary writer for The Deep Dive’s stock analysis. In addition to The Deep Dive, Jay performs freelance writing for several companies and has been published in Stockhouse.com and CannaInvestor magazine among others.
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