CGX & Frontera JV to Explore Opportunities in the Corentyne Block

Source: www.gulfoilandgas.com 2/14/2022, Location: South America

CGX Energy Inc. (OYL) ("CGX") and Frontera Energy Corporation (FEC) ("Frontera"), the majority shareholder of CGX and joint venture (the "Joint Venture") partner of CGX, 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 Guyana regarding the Demerara block and will provide an update on such discussions as soon as a conclusion has been reached.

Kawa-1 early-stage Wireline Logging results confirm the Logging While Drilling (LWD) indications previously disclosed on January 31, 2022 with a total of 200 feet of net pay encountered at multiple depths. Further analyses of logs and samples are ongoing. The Joint Venture will provide an update when these activities are complete.


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