CGX Energy Inc.through CGX Resources Inc. (CRI), operator of the Corentyne Block offshore Guyana, under a Joint Operating Agreement with Frontera Energy Guyana Corp., said Thursday a seismic acquisition conducted on the block has identified two potentially highly prospective large channel sand reservoir complexes.

“These channel complexes are interpreted to contain multiple high potential leads located in the northern region of the Corentyne Block which is located in close proximity to the Stabroek Block offshore Guyana and Block 58 offshore Suriname,” CGX said.

The Pluma and Haimara discoveries in the Stabroek Block are located approximately 2 and 8 miles respectively from the border of the northern region of the Corentyne Block, and the Maka Central, Kwakwasi-1 and Sapakara West discoveries in Block 58 are located approximately 7, 15 and 20 miles respectively, from the border of the northern region of the Corentyne Block.

The leads mapped in the Northern Corentyne Block are interpreted to be situated at the same geological horizons as the nearby significant discoveries already proven in the Stabroek Block and Block 58. Also, importantly, the Northern Corentyne leads are interpreted to share the same proven hydrocarbon generating basin and intervals in which the current discoveries are located.

“These leads are primarily stratigraphic traps composed of sandstone accumulations and deemed to be analogous to many of the discoveries already proven to be successful in the Guyana basin, spanning both Guyana and Suriname,” the company said.

The Northern Corentyne leads are in the process of being high-graded and have been mapped within the Upper Cretaceous, Santonian and Miocene intervals and are currently undergoing further analysis in order to prioritize and rank the best prospect to be drilled. The leads are located in water depths ranging from approximately 500 to 3,600 feet and are estimated to be at a drilling depth of between approximately 11,000 to 21,700 feet.

The current high-graded lead identified in the northern region of the Corentyne Block has been named Kawa, after the iconic Kawa Mountain which overlooks the village of Paramakatoi in the Pakaraima Mountains of Guyana. It is a Santonian level, stratigraphic trap and as previously mentioned is interpreted to be analogous to the discoveries immediately to the east on Block 58 in Suriname. Additional leads are being evaluated by the Company.

CRI has recently contracted Baker Hughes to provide a pore pressure analysis of the Kawa prospect which will be completed in August 2020.

On the Demerara Block, CRI will begin re-processing the existing seismic data at the end of Q3 this year in order to mature previously mapped leads into prospects ready for drilling.

CGX said it remains extremely excited regarding the high potential prospectivity that is being mapped within the Corentyne and Demerara Blocks.