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CGX Energy Updates: Year-End 2022 Audited Consolidated Financial Statements, Drilling Operational Updates and Progress on the Berbice Deep Water Port
Toronto, Ontario--(Newsfile Corp. - March 1, 2023) - CGX Energy Inc. (TSXV: OYL) (" CGX " or...
About this update from Cgx Energy Inc.
[{"type":"text","content":"CGX Energy Updates: Year-End 2022 Audited Consolidated Financial Statements, Drilling Operational Updates and Progress on the Berbice Deep Water PortToronto, Ontario--(Newsfile Corp. - March 1, 2023) - CGX Energy Inc. (TSXV: OYL) (\"CGX\" or the \"Company\") announced today the release of its audited consolidated financial statements for the year ended December 31, 2022, together with its Management Discussion and Analysis (the \"Financial Disclosures\"). These Financial Disclosures will be posted on the Company's website at www.cgxenergy.com and on SEDAR at www.sedar.com. All values in the Financial Disclosures are in United States dollars unless otherwise stated.Company Highlights: Farm-In Transaction On November 30, 2022, CGX and Frontera Energy Corporation (\"Frontera\") closed the previously announced (See July 22, 2022 press release) agreement to amend the Joint Operating Agreement originally signed between CGX and a subsidiary of Frontera on January 30, 2019, as amended, (the \"JOA Amendment\") effectively farming into the Corentyne block and securing funding for the Wei-1 well. As a result of the JOA Amendment, CGX now holds a 32.00% participating interest with Frontera holding the remaining 68.00% participating interest in the Corentyne block.Kawa-1 WellOn May 9, 2022, Frontera and CGX, joint venture partners (the \"Joint Venture\") in the Petroleum Prospecting License (\"PPL\") for the Corentyne block, offshore Guyana, announced the discovery of 228 feet (69 metres) of net pay across the Maastrichtian, Campanian, Santonian and Coniacian horizons at the Kawa-1 exploration well, offshore Guyana. Third-party analyses indicated the presence of light oil in the Santonian and Coniacian, and gas condensate in the Maastrichtian and Campanian. The findings are consistent with discoveries reported by other operators adjacent to the Corentyne block and further de-risked equivalent oil targets anticipated at the Wei-1 well. Wei-1 Well Operational Update CGX commenced drilling operations on the Wei-1 well on January 20, 2023 and is currently at 15,400 feet measured depth. There have been no lost time, safety or environmental incidents since starting operations. Drilling operations have gone as planned and the first prospective geologic horizons in the Upper Maastrichtian, have been successfully drilled, several days ahead of s...