TORONTO, Feb. 14, 2022 /CNW/ - CGX Energy Inc. (TSXV: OYL)
("CGX") and Frontera Energy Corporation (TSX: FEC)
("Frontera"), the majority shareholder of CGX and joint
venture (the "Joint Venture") partner of CGX, today
announced that, as a result of the initial positive results at the
Kawa-1 exploration well, the Joint Venture will focus on the
significant exploration opportunities in the Corentyne block and
will not engage in drilling activities on the Demerara block in
2022, as previously outlined by press release on February 16, 2021. The Joint Venture is currently
engaged in discussions with the Government of Guyana regarding the Demerara block and will
provide an update on such discussions as soon as a conclusion has
been reached.
Kawa-1 early-stage Wireline Logging results confirm the Logging
While Drilling (LWD) indications previously disclosed on
January 31, 2022 with a total of 200
feet of net pay encountered at multiple depths. Further analyses of
logs and samples are ongoing. The Joint Venture will provide an
update when these activities are complete.
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 34
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.
If you would like to receive News Releases via email as soon as
they are published, please subscribe here:
http://fronteraenergy.mediaroom.com/subscribe.
Advisories
Cautionary Note Concerning Forward-Looking
Information
This news release contains forward-looking information within
the meaning of Canadian securities laws. Forward-looking
information relates to activities, events or developments that CGX
and Frontera believe, expect or anticipate will or may occur in the
future. Forward-looking information in this news release includes,
without limitation, statements regarding the Joint Venture's
exploration and development plans and objectives and discussions
with the Government of Guyana
regarding the Demerara block. All information other than historical
fact is forward-looking information. Forward-looking information
reflects the current expectations, assumptions and beliefs of CGX
and Frontera based on information currently available to them and
considers the experience of CGX and Frontera and their perception
of historical trends. Although CGX and Frontera believe that the
assumptions inherent in the forward-looking information are
reasonable, forward-looking information is not a guarantee of
future performance and accordingly undue reliance should not be
placed on such information. Forward-looking information is subject
to a number of risks and uncertainties, some that are similar to
other oil and gas companies and some that are unique to CGX and
Frontera. The actual results of CGX or Frontera may differ
materially from those expressed or implied by the forward-looking
information, and even if such actual results are realized or
substantially realized, there can be no assurance that they will
have the expected consequences to, or effects on, either of CGX or
Frontera. The annual information forms of each of CGX and Frontera
for the year ended December 31, 2020,
and their annual management's discussion and analysis for the year
ended December 31, 2020, and other
documents each of CGX and Frontera files from time to time with
securities regulatory authorities describe the risks,
uncertainties, material assumptions and other factors that could
influence actual results and such factors are incorporated herein
by reference. Copies of these documents are available without
charge by referring to each company's profile on SEDAR at
www.sedar.com. All forward-looking information speaks only as of
the date on which it is made and, except as may be required by
applicable securities laws, each of CGX and Frontera disclaims any
intent or obligation to update any forward-looking information,
whether as a result of new information, future events or results or
otherwise.
View original
content:https://www.prnewswire.com/news-releases/joint-venture-to-focus-on-corentyne-in-2022-301481498.html
SOURCE Frontera Energy Corporation
