CGX Energy And Frontera Energy File Notice Of Potential Commercial Interest For Wei-1 Well, Offshore Guyana

CGX Energy Inc. (“CGX”) and Frontera Energy Corporation (“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.

For more information, visit www.fronteraenergy.ca.