FEC also deserves blame It's easy to blame CGX, as they have a vast range of examples to pull from over the years. I will probably continue to do so out of anger in truth.
Frontera, however, was supposed to be the "smart" ones. To date, they have already spent over $400 million USD (~$550 million CAD) on two wells, additional money on the port, and a good amount of cash accumulating CGX shares/Corentyne WI. Even more so, they have purposefully conducted business to leave CGX weak and helpless... mission accomplished no doubt.
All told, they have spent more in Guyana then their current market capitalization of $680 million CAD (~$494 million USD). Ironically though, because they left themselves with limited options post Wei-1, they also sit around right now and look no bloody better than CGX. Hell, they don't even have enough free cash flow to buy the maximum allowed shares back each day for bloody sakes. Talk about embarrassing.
For better or worse, CGX shareholders are completely dependant on Frontera (and really Catalyst Capital) to make a bloody decision going forward. To have spent over $500 million USD on a new country access since 2019 and have nothing to show for it is nothing short of mind boggling. Smart leadership would have easily been able to leverage high quality seismic, 2 wells with oil shows, and wonderful location in Guyana (enthusiasm from government mainly and proximity to Exxon) into something wonderful. Instead we sit here hoping/praying something occurs with these losers at FEC.