CGX Energy has hit oil at its Wei-1 exploration well offshore Guyana, the Canadian independent announced on Tuesday.
A total of 21.6 metres of net oil pay was found at the Maastrichtian and Campanian intervals.
Noble Corporation’s semi-submersible Noble Discoverer performed the drilling.
The company has revised the cost of the Wei-1 exploration well to between USD 190 million and USD 195 million, up from its original estimate of between USD 175 million and USD 190 million.
The play is located on the Corentyne block, 14 kilometres from the Kawa-1 discovery announced in May 2022.
CGX Energy holds a 32% operating stake in the block, with fellow Canadian energy independent Frontera Energy Corporation holding the remaining 68% shares.