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Frontera Energy and CGX Energy Provide Update on Corentyne Block License
Frontera Energy and CGX Energy Provide Update on Corentyne Block License Canada NewsWir...
About this update from Frontera Energy Corporation
[{"type":"text","content":"\n\n\n\n Frontera Energy and CGX Energy Provide Update on Corentyne Block License\n \n\n /* Style Definitions */\nspan.prnews_span\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\na.prnews_a\n{\ncolor:blue;\n}\nli.prnews_li\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\np.prnews_p\n{\nfont-size:0.62em;\nfont-family:\"Arial\";\ncolor:black;\nmargin:0in;\n}\n \n\n\n\n\n\n Canada NewsWire\n \n\n\n\n\n\n TORONTO\n \n and\n \n CALGARY, AB\n \n\n ,\n \n\n March 13, 2025\n \n\n /CNW/ - CGX Energy Inc. (TSXV: OYL) (\"\n \n CGX\n \n \") and Frontera Energy Corporation (TSX: FEC) (\"\n \n Frontera\n \n \") announced today that the joint venture (the \"\n \n Joint Venture\n \n \"), which was established through their respective subsidiaries in the Petroleum Agreement and the Petroleum Prospecting License for the Corentyne block offshore\n \n Guyana\n \n (the \"\n \n License\n \n \"), recently received a communication from the Government of\n \n Guyana\n \n informing the Joint Venture that: on the one hand, \"\n \n The Government is of the view that the Petroleum Agreement and Prospecting Licence are at an end\n \n ,\" but on the other hand, that the Government of\n \n Guyana\n \n \"\n \n hereby terminates the Petroleum Agreement and cancels the Prospecting Licence with immediate effect.\n \n \"\n \n\n The Joint Venture remains firmly of the view that its interests in, and the License for, the Corentyne block remain in place and in good standing and that the Petroleum Agreement has not been terminated. The Joint Venture and its shareholders continue to invite the Government of\n \n Guyana\n \n to amicably resolve the issues affecting the Joint Venture's investments in the Corentyne block.  Should the parties not reach a mutually agreeable solution, the Joint Venture and its shareholders are prepared to assert their legal rights.\n \n\n The Joint Venture looks forward to expeditiously resolving this matter and continuing its multi-year efforts and investments to realize value for the people of\n \n Guyana\n \n and its shareholders from the Corentyne block.\n \n\n\n About CGX\n \n\n\n 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,\n \n Guyana\n \n .\n \n\n\n About Frontera\n \n\n\n Fr...