Frontera Energy and its joint venture (JV) partner CGX are planning to complete an evaluation of the oil discovery at the Wei-1 well in the Corentyne block, Guyana, in the next two to three months, reported Reuters.

Located approximately 14km north-west of the JV’s Kawa-1 discovery, the Wei-1 well identified 210ft of hydrocarbon-bearing sands in the Santonian horizon, 77ft of net light oil and sweet medium crude pay in the Campanian and Maastrichtian.

Wei-1 is one of two wells that the companies had committed to drill on the Corentyne block, with the other being the Kawa-1 well.

The JV made a light oil and gas condensate discovery at the Kawa-1 well in 2022.

Based on the results of the oil discovery assessment, the two companies plan to decide on upgrading the exploration licence to its development phase.

A Frontera executive was cited by Reuters as saying in a call with investors: "We are analysing the significant amount of data we got from the well, which will take a couple of months. That will tell us the potential of the block.

"Any move we make in relation to the licence will depend on that analysis."

Last week, Frontera said: “The joint venture is excited by the definitive presence of oil in the Maastrichtian and Campanian and the presence of hydrocarbons in the Santonian and believes there is significant potential in the block.”