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CGX Energy Inc. and Frontera Energy Corporation Announce 514-628 Mmboe PMean Unrisked Gross Prospective Resources Estimated in Maastrichtian Horizons in the Northern Portion of the Corentyne Block
Additional Upside Identified in Campanian and Santonian Horizons Exploration Results Support t...
About this update from Cgx Energy Inc.
[{"type":"text","content":"CGX Energy Inc. and Frontera Energy Corporation Announce 514-628 Mmboe PMean Unrisked Gross Prospective Resources Estimated in Maastrichtian Horizons in the Northern Portion of the Corentyne BlockAdditional Upside Identified in Campanian and Santonian HorizonsExploration Results Support the Potential for a Successful Standalone Oil Resource Development Across the Corentyne Block from Maastrichtian HorizonsJoint Venture With Support From Houlihan Lokey Actively Pursuing A Potential Farm Down of Interests In Corentyne BlockCGX Energy Inc. and Frontera Energy Corp. to Host Virtual Presentation on December 11, 2023On Guyana-Suriname Basin, Corentyne Block, and Integrated Well ResultsToronto, Ontario and Calgary, Alberta--(Newsfile Corp. - December 11, 2023) - 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, are pleased to host a virtual informational presentation on December, 11, 2023, at 10:00 am ET on the Guyana-Suriname basin, the Corentyne block and the Joint Venture's integrated well results.Gabriel de Alba, Chairman of Frontera's Board of Directors, and Co-Chairman of CGX's Board of Directors, commented:\"When Frontera and CGX formed its Joint Venture in 2019, it did so with the singular goal of discovering sufficient resources to underpin a potential standalone commercial oil development offshore Guyana. The Joint Venture is now well on its way to achieving its objective. The Joint Venture believes that approximately 514 to 628 mmboe PMean unrisked gross prospective resources may be present in the Maastrichtian horizons alone and that additional potential upside may exist in the deeper Campanian and Santonian horizons. The Joint Venture, with support from Houlihan Lokey, is actively pursuing options for a possible farm down, to unlock the potential of the Corentyne block.\" Professor Suresh Narine, Executive Co-Chairman of CGX's Board of Directors, commented:\"CGX is the early exploration pioneer in the Guyana basin, always remaining focused on unlocking value for our shareholders and the Guyanese people. We have weathered border challenges, economic downturns, and unsuccessful exploration wells; our Joint Venture with Frontera has maintained and strengthe...