Canadian oil and gas exploration company CGX Energy Inc. and Frontera Energy Corporation, a Canadian public company involved in the exploration, development, and production of oil and gas in South America, have announced a significant oil discovery in Guyana's Corentyne block. The Wei-1 well, located approximately 124.3 miles (200 kilometers) offshore from Georgetown, Guyana, has yielded a total of 114 feet (35 meters) of net pay.

Key details of the discovery include:

• Maastrichtian Horizon: The Wei-1 well confirmed 13 feet (4 meters) of net pay in a high-quality sandstone reservoir in the Maastrichtian section. Fluid samples retrieved from this section confirmed the presence of sweet medium crude oil with a gas-oil ratio (GOR) of approximately 400 standard cubic feet per barrel.

• Campanian Section: Petrophysical analysis confirmed 61 feet (19 meters) of net pay almost entirely contained in one contiguous sand body with good porosity and moveable oil. The oil sampled during Modular Formation Dynamics Tester (MDT) testing and downhole analysis confirmed the presence of light crude oil.

• Santonian Section: Petrophysical analysis confirmed 40 feet (12 meters) of net pay in blocky sands with indications of oil in core samples. The interpretation of the Campanian and Santonian horizons suggests lower permeability than the high-quality Maastrichtian, but the JV believes these horizons may offer additional upside potential in the future.

• Total Net Pay: The Wei-1 well has contributed to a total net pay of 342 feet (104 meters) discovered on the Corentyne block to date.

The JV partners noted that the rock quality discovered in the Maastrichtian horizon at Wei-1 is analogous to that reported in the Liza Discovery on the Stabroek block, further demonstrating the potential for a standalone shallow oil resource development across the Corentyne block.

Following this discovery and the previous discovery of 68 feet of hydrocarbon log pay in Maastrichtian blocky sands in the Kawa-1 well in 2022, the JV is exploring strategic options for the Corentyne block, including a potential farm-down. The companies are working with Houlihan Lokey, a global investment bank, to support the review of strategic options.

The successful discovery highlights the significant potential of the Corentyne block and adds to the growing interest in oil exploration in the Guyana-Suriname Basin.