Second Discovery on the Corentyne Block Following Kawa-1 Light Oil and Condensate Discovery in 2022

Successfully Finished Drilling Operations With No Safety Incidents

TORONTO, June 28, 2023 /CNW/ – CGX Energy Inc. (TSXV: OYL) (“CGX“) and Frontera Energy Corporation (TSX: FEC) (“Frontera“), the majority shareholder of CGX and joint venture (the “Joint Venture“) partner of CGX in the Petroleum Prospecting License for the Corentyne block offshore Guyana (the “License“), are excited to announce today that the Joint Venture has discovered oil at the Wei-1 well, on the Corentyne block, approximately 200 kilometers offshore from Georgetown, Guyana. The … Continue Reading

Aiming To Build On Light Oil And Condensate Discovery At Kawa-1

TORONTO, Jan. 23, 2023 /CNW/ – CGX Energy Inc. (TSXV: OYL) (“CGX“) and Frontera Energy Corporation (TSX: FEC) (“Frontera“), joint venture partners (the “Joint Venture“) in the Petroleum Prospecting License for the Corentyne block offshore Guyana (the “License“), announce today that the Joint Venture has spud the Wei-1 well, on the Corentyne block, approximately 200 kilometres offshore from Georgetown, Guyana.

The Joint Venture also announces that the Government of Guyana has approved an Appraisal Plan for the northern section of the Corentyne block which commenced with … Continue Reading

Government of Guyana Confirms Corentyne License
Remains in Full Force and Effect and Good Standing

CGX and Frontera Complete Joint Operating Agreement Amendment, 
Participating Interest in Corentyne Block is 32% CGX and 68% Frontera

TORONTO, Dec. 01, 2022 /CNW/ – CGX Energy Inc. (TSXV: OYL) (“CGX“) and Frontera Energy Corporation (TSX: FEC) (“Frontera“), joint venture partners (the “Joint Venture“) in the Petroleum Prospecting License for the Corentyne block offshore Guyana (the “License“), announce today that, further to its announcement on November 28, 2022, due to circumstances beyond the reasonable control of the Joint Venture related to ongoing exploration … Continue Reading

CALGARY, AB, Nov. 28, 2022 /CNW/ – Frontera Energy Corporation (TSX: FEC) (“Frontera“) and CGX Energy Inc. (TSXV: OYL) (“CGX“), joint venture partners (the “Joint Venture“) in the Petroleum Prospecting License for the Corentyne block offshore Guyana (the “License“), announce today its continued commitment to drill the Wei-1 well and that final preparations are complete in advance of spudding the Wei-1 well, which follows the discovery of light oil and gas condensate at the Kawa-1 well earlier this year.

The Wei-1 well will be located approximately 14 kilometres northwest of the Kawa-1 exploration well in the Corentyne block, approximately … Continue Reading

TORONTO, Oct. 3, 2022 /CNW/ – CGX Energy Inc. (TSXV: OYL) (“CGX“) and Frontera Energy Corporation (TSX: FEC) (“Frontera“), joint venture partners (the “Joint Venture“) in the Petroleum Prospecting License for the Corentyne block offshore Guyana, today announce that the parties have agreed to (i) extend the maturity date of the previously announced US$19 million convertible loan to CGX dated May 28, 2021, as amended (the “Loan Agreement“) to November 30, 2022; and (ii) amend the previously announced amended Joint Operating Agreement dated July 21, 2022 (the “JOA Amendment“) to extend the outside date by which … Continue Reading

Participating Interest In Corentyne Block Now 32% CGX And 68% Frontera

The Joint Venture Anticipates Spudding the Wei-1 Exploration Well in October 2022

CGX and Frontera Agree To Convert May 2021 and March 2022 Loans Into Participating Interest In Corentyne

TORONTO, July 22, 2022 /CNW/ – CGX Energy Inc. (TSXV: OYL) (“CGX“) and Frontera Energy Corporation (TSX: FEC) (“Frontera“), joint venture partners (the “Joint Venture“) in the Petroleum Prospecting License for the Corentyne block offshore Guyana, announces today that the companies have entered into an agreement to amend the Joint Operating Agreement originally signed between CGX and a … Continue Reading

TORONTO, May 9, 2022 /CNW/ – CGX Energy Inc. (TSXV: OYL) (“CGX“) and Frontera … Continue Reading

FINANCING SUPPORTS ADVANCING THE JOINT VENTURE’S PLAN FOR CORENTYNE BLOCK AND OTHER ASSETS

TORONTO, March 10, 2022 /CNW/ – Frontera Energy Corporation (TSX: FEC) (“Frontera“) and CGX Energy Inc. (TSXV: OYL) (“CGX“), joint venture partners (the “Joint Venture“) in the Petroleum Prospecting License for the Corentyne block offshore Guyana, announced today that they have entered into a financing agreement for a U.S. $35 million loan (the “Loan”) that will enable CGX to continue to finance part of its share of costs related to the Corentyne Block, the Berbice Deepwater Port, and other budgeted costs as agreed to with Frontera.… Continue Reading

TORONTO, Feb. 14, 2022 /CNW/ – CGX Energy Inc. (TSXV: OYL) (“CGX“) and Frontera Energy Corporation (TSX: FEC) (“Frontera“), the majority shareholder of CGX and joint venture (the “Joint Venture“) partner of CGX, today announced that, as a result of the initial positive results at the Kawa-1 exploration well, the Joint Venture will focus on the significant exploration opportunities in the Corentyne block and will not engage in drilling activities on the Demerara block in 2022, as previously outlined by press release on February 16, 2021. The Joint Venture is currently engaged in discussions with the Government of … Continue Reading

KAWA-1 WELL ENCOUNTERS 177 FEET (54 METRES) OF HYDROCARBON BEARING RESERVOIRS BASED ON LOGGING WHILE DRILLING

ANNOUNCES COMMITMENT TO DRILL SECOND WELL ON CORENTYNE BLOCK IN SECOND HALF 2022 USING MAERSK DISCOVERER

TORONTO, Jan. 31, 2022 /CNW/ – CGX Energy Inc. (TSXV: OYL) (“CGX“) and Frontera Energy Corporation (TSX: FEC) (“Frontera“), the majority shareholder of CGX and joint venture (the “Joint Venture“) partner of CGX in the Petroleum Prospecting License for the Corentyne block offshore Guyana, today announced that the Joint Venture has made … Continue Reading

LOGGING-WHILE-DRILLING AND CUTTINGS INDICATE PRESENCE OF ACTIVE HYDROCARBON SYSTEM IN SEVERAL CAMPANIAN AND UPPER SANTONIAN FORMATIONS

APPROXIMATELY 90% OF PLANNED FOOTAGE DRILLED TO DATE

HORIZON 19, THE FIRST OF THREE GEOLOGICAL TARGET ZONES HAS BEEN PENETRATED

THE PRIMARY AND SECONDARY SANTONIAN TARGETS REMAIN TO BE DRILLED AND EVALUATED

TORONTO, Dec. 16, 2021 /CNW/ – CGX Energy Inc. (TSXV: OYL) (“CGX“) and Frontera Energy Corporation (TSX: FEC) (“Frontera“), the majority shareholder of and joint venture partner of CGX in the Petroleum Prospecting Licenses for the Corentyne and Demerara blocks offshore Guyana (the “Joint Venture“), today provide an operational update on … Continue Reading

CALGARY, AB, Oct. 20, 2021 /CNW/ – Frontera Energy Corporation (TSX: FEC) (“Frontera“), the majority shareholder of CGX Energy Inc. (TSXV: OYL) (“CGX“) and joint venture partner in the Petroleum Prospecting Licenses for the Corentyne and Demerara blocks offshore Guyana (the “Joint Venture“) will deliver an informational virtual presentation on the Guyana-Suriname basin, the offshore Corentyne block and the Kawa-1 well objectives. Senior technical members will host the virtual presentation on October 22, 2021 from 10:00 – 11:00 am EST. The objective of the virtual presentation is to share information about recent basin activity, geological modeling and drilling … Continue Reading