GEORGETOWN, August 14, 2023 – Frontera Energy Corporation is completing analysis of the Wei-1 exploration well in Guyana with hopes to upgrade the play’s exploration licence to its development phase, the Canadian E&P company announced on Friday.
Should the analysis return with positive results, Frontera Energy and its partner CGX Energy would be the second consortium to advance an oil exploration project to its development phase in Guyana after ExxonMobil and its partners.
The Wei-1 exploration well was drilled in June 2023 by Noble Corporation’s semi-submersible rig Noble Discoverer.
The play is located 14 kilometres from the Kawa-1 discovery announced in May 2022, making it the second successful discovery on the concession.
CGX Energy holds a 32% operating stake in the block, with Frontera Energy Corporation holding the remaining 68% shares.