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CGX Energy Announces Conditional Approval from the TSXV for the Agreement to Amend the Joint Operating Agreement on the Corentyne Block
CGX Energy Provides Update on Wei-1 Exploration Well, including Receipt of Environmental Permi...
About this update from Cgx Energy Inc.
[{"type":"text","content":"CGX Energy Announces Conditional Approval from the TSXV for the Agreement to Amend the Joint Operating Agreement on the Corentyne BlockCGX Energy Provides Update on Wei-1 Exploration Well, including Receipt of Environmental Permitting for Spudding and Drilling of the Wei-1 Exploration WellToronto, Ontario--(Newsfile Corp. - August 22, 2022) - CGX Energy Inc. (TSXV: OYL) (\"CGX Energy\" or the \"Company\") is pleased to provide an update to the agreement to amend the Joint Operating Agreement originally signed between CGX and a subsidiary of Frontera Energy Corporation (\"Frontera\"), joint venture partners (the \"Joint Venture\") in the Petroleum Prospecting License for the Corentyne block offshore Guyana (the \"Corentyne Block\"), on January 30, 2019, as amended (the \"Agreement\"), effectively farming into the Corentyne block and securing funding for the Wei-1 exploration well as previously announced on July 22, 2022.As of today's date, the Company has received TSX Venture Exchange (\"TSXV\") conditional approval for the Agreement. The Agreement still remains subject to certain confirmations from the Government of Guyana relating to the petroleum agreement for the Corentyne Block and final approval from the TSXV.In addition, the Company announces that the US$19 million convertible loan outstanding to Frontera, previously announced on April 16, 2021 and May 28, 2021, and originally maturing on June 30, 2022, has been extended to July 31, 2022 and then subsequently to September 30, 2022 to allow for the completion of the Agreement (the \"Loan Extension\"). The Loan Extension remains subject to final TSXV Approval.Update on Wei-1 Exploration WellThe Company also announces that the Joint Venture, through CGX Resources Inc., operator of the Corentyne Block, has entered into a definitive agreement with Maersk Drilling Holdings Singapore Pte for the use of the Maersk Discoverer to drill the Wei-1 exploration well. As previously announced on August 23, 2021, the Company had elected to exercise its option for a second well from the definitive agreement on the Kawa-1 well announced on April 22, 2021.Lastly, the Company announces that the Joint Venture has received the required environmental permitting for spudding and drilling of the Wei-1 exploration well from the Guyana Environmental Protection Agency.About CGX EnergyCGX Energy is a C...