TORONTO and CALGARY,
AB, June 26, 2024 /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"), today announced that the Joint Venture has
submitted a Notice of Potential Commercial Interest (the
"Notice") for the Wei-1 discovery to the Government of
Guyana, which preserves the Joint
Venture's interests in the License.
In 2023, the Joint Venture successfully drilled the Wei-1 well,
its second well on the Corentyne block. The well fulfilled the
obligation under Phase Two of the Second Renewal Period of the
original 10-year License and served as an appraisal well for the
Kawa-1 Appraisal Programme with the Government of Guyana.
The Joint Venture and the Government of Guyana have engaged in regular, constructive
and collaborative conversations throughout the Joint Venture's
tenure on the Corentyne block, including discussions regarding
conditions under which further activities could be performed by the
Joint Venture in the Corentyne block. The Joint Venture looks
forward to completing these discussions in an expeditious manner
and will provide an update as soon as practicable.
The Joint Venture, with support from investment bank and capital
markets experts Houlihan Lokey,
continues to actively pursue strategic options to unlock the
potential of the Corentyne block.
About CGX
CGX is a Canadian-based oil and gas exploration company focused
on the exploration of oil in the Guyana-Suriname Basin and the
development of a deep-water port in Berbice, Guyana.
About Frontera
Frontera Energy Corporation is a Canadian public company
involved in the exploration, development, production,
transportation, storage, and sale of oil and natural gas in
South America, including related
investments in both upstream and midstream facilities. The Company
has a diversified portfolio of assets with interests in 24
exploration and production blocks in Colombia, Ecuador, and Guyana, and pipeline and port facilities in
Colombia. Frontera is committed to
conducting business safely and in a socially, environmentally, and
ethically responsible manner.
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Social Media
Follow Frontera Energy social media channels at the following
links:
Twitter/X: https://twitter.com/fronteraenergy?lang=en
Facebook: https://es-la.facebook.com/FronteraEnergy/
LinkedIn: https://co.linkedin.com/company/frontera-energy-corp.
Advisories
Cautionary Note Concerning Forward-Looking
Statements:
This press release contains forward-looking information within
the meaning of Canadian securities laws. Forward-looking
information relates to activities, events or developments that CGX
and Frontera believe, expect or anticipate will or may occur in the
future. Forward-looking information in this press release includes,
without limitation, statements relating to CGX's and Frontera's
expectations regarding extension of the License and the right to
continue to explore and develop the Corentyne block or property in
and around the Wei-1 well. All information other than historical
fact is forward-looking information. Forward-looking information
reflects the current expectations, assumptions and beliefs of CGX
and Frontera based on information currently available to them and
considers the experience of the Joint Venture and its perception of
historical trends. Although CGX and Frontera believe that the
assumptions inherent in the forward-looking information are
reasonable, forward-looking information is not a guarantee of
future performance and accordingly undue reliance should not be
placed on such information. Forward-looking information is subject
to a number of risks and uncertainties, some that are similar to
other oil and gas companies and some that are unique to CGX and
Frontera, including the ability of the Joint Venture to reach an
agreement with the Government of Guyana. No assurance can be given that such an
agreement will be reached or [the extent of the property covered by
the Notice of Potential Commercial Interest outside of the area
around the Wei-1 well]. The actual results of the Joint Venture may
differ materially from those expressed or implied by the
forward-looking information, and even if such actual results are
realized or substantially realized, there can be no assurance that
they will have the expected consequences to, or effects on, either
CGX or Frontera. The annual information form of Frontera for the
year ended December 31, 2023, and
CGX's and Frontera's management's discussion and analysis for the
year ended December 31, 2023, and
quarter ended March 31, 2024, and
other documents each of CGX and Frontera files from time to time
with securities regulatory authorities describe the risks,
uncertainties, material assumptions and other factors that could
influence actual results and such factors are incorporated herein
by reference. Copies of these documents are available without
charge by referring to each company's profile on SEDAR+ at
www.sedarplus.ca. All forward-looking information speaks only as of
the date on which it is made and, except as may be required by
applicable securities laws, each of CGX and Frontera disclaims any
intent or obligation to update any forward-looking information,
whether as a result of new information, future events or results or
otherwise.
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content:https://www.prnewswire.com/news-releases/frontera-energy-and-cgx-energy-file-notice-of-potential-commercial-interest-for-wei-1-well-offshore-guyana-302183147.html
SOURCE Frontera Energy Corporation