JV Partner CGX Announces Agreement with Maersk to Drill Kawa-1 Well

Source: www.gulfoilandgas.com 4/22/2021, Location: South America

Frontera Energy Corporation and CGX Energy Inc., joint venture partners (the "Joint Venture") in the Petroleum Prospecting License for the Corentyne block offshore Guyana, separately announced that CGX Resources Inc. ("CGX Resources"), operator of the Corentyne Block, has entered into an agreement (the "Drilling Contract") with Maersk Drilling Holdings Singapore Pte. Ltd. (Maersk), a subsidiary of The Drilling Company of 1972 A/S, for the provision of a semi-submersible drilling unit, the Maersk Discoverer, and associated services to drill the Joint Venture's Kawa-1 well. The Joint Venture is targeting an early third quarter spud for the Kawa-1 well. All financial amounts in this news release are in United States dollars, unless otherwise stated.

The primary target for the Kawa -1 well is a Santonian age, stratigraphic trap, interpreted to be analogous to the discoveries immediately to the east on Block 58 in Suriname. The Kawa-1 well is anticipated to be drilled to a total depth of approximately 6,500 meters in a water depth of approximately 370 meters.

The Maersk Discoverer is a 6th Generation semi-submersible mobile drilling unit capable of operating in 3,000 meters water depth. Its primary features are a 15,000 psi rated well control system, a dual activity derrick, and a moored capability with dynamic positioning. These features make it an excellent fit for the Kawa-1 well's subsurface conditions, drilling requirements, and the water depth on location.

In conjunction with the Drilling Contract between CGX Resources and Maersk, Frontera anticipates entering into a separate Deed of Guarantee (the "Deed") with Maersk for certain obligations in connection with the day rates under the Drilling Contract on behalf of CGX Resources, up to a maximum of $25 million subject to a sliding scale mechanism in connection with payments made under the Drilling Contract. Frontera and CGX anticipate entering into an agreement pursuant to which all amounts drawn under the Deed that are attributed to CGX Resources' share of the Joint Venture costs, shall be guaranteed by CGX.


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