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Be the first with the news that moves the market - CGX Energy (OYL) and Frontera Energy Corporation (TSX:FEC) have announced a JV to focus on exploration opportunities in the Corentyne block in Guyana
- The results from the Kawa-1 well have been a significant factor in developing a defined opportunity set for the joint venture partners
- CGX is a Canadian-based oil and gas exploration company
- CGX Energy Inc. (OYL) is trading 4.27 percent lower at C$1.12 as of 2:10 p.m. ET
CGX Energy (OYL) has announced a joint venture with Frontera Energy (TSX:FEC) to focus on exploration opportunities in the Corentyne block in Guyana.
Following constructive discussions with the Government of Guyana, the decision follows the discovery at the Kawa-1 exploration well on the Corentyne block.
Frontera will continue to integrate its findings from the Kawa-1 well into preparations for its second exploration well, Wei-1, in Q3 2022. Frontera has come to a mutual agreement with the Government of Guyana to relinquish the Demerara Block.
Frontera’s Chief Executive Officer, Orlando Cabrales, commented that the results from the Kawa-1 well have been a significant factor in developing a defined opportunity set for the joint venture partners.
“It was important to us, as partners to the Government of Guyana, to positively resolve our desire to focus on Corentyne and not allow the Demerara block to be delayed in assessing its potential. As a result, we have, in principle, a mutual agreement to relinquish the Demerara block and allow for interested parties to make advances in that area. We would like to thank Guyana for this constructive outcome that benefits all parties.”
CGX is a Canadian-based oil and gas exploration company.
CGX Energy Inc. (OYL) is trading 4.27 percent lower at C$1.12 as of 2:10 p.m. ET.