CGX Energy today provided an update on the Kawa-1 and Makarapan-1 exploration wells and exploration program:

• The Kawa-1 exploration well on the Corentyne block is currently expected to be drilled to a depth of approximately 6,500 metres (“m”) in water depth of approximately 370 m and is slated to be drilled in the second half of 2021. The primary target is a Santonian age, stratigraphic trap, interpreted to be analogous to the discoveries immediately to the east on Block 58 in Suriname. The prospect is named after the iconic mountain overlooking the village of Paramakatoi in the Pakaraima Mountains of Guyana.
• The Makarapan-1 exploration well on the Demerara block is currently expected to be drilled to a total depth of approximately 3,500 m in water depth of approximately 1,000 m. The primary target is an Aptian age, sandstone reservoir. The prospect is named after the Precambrian mountain overlooking the Rupununi Savannahs of Guyana.
• The Company expects, based on presently available information, that the total cost of the Guyana exploration program in 2021 will be approximately $90 million. 

KeyFacts Energy: CGX Energy Guyana country profile