CGX Energy, Frontera Energy bet on Corentyne block’s Wei-1 discovery offshore Guyana
(WO) – CGX Energy Inc. and Frontera Energy Corporation, joint venture partners in the Petroleum Prospecting License for the Corentyne block offshore Guyana (the “License”), has submitted a Notice of Potential Commercial Interest for the Wei-1 discovery to the Government of Guyana, which preserves the Joint Venture’s interests in the License.
In 2023, CGX and Frontera successfully drilled the Wei-1 well, its second well on the Corentyne block. The well fulfilled the obligation under Phase Two of the Second Renewal Period of the original 10-year License and served as an appraisal well for the Kawa-1 Appraisal Program with the Government of Guyana.
The joint venture and the Government of Guyana have engaged in regular, constructive and collaborative conversations, including discussions regarding conditions under which further activities could be performed in the Corentyne block.
According to an online statemen, CGX and Frontera, “with support from investment bank and capital markets experts Houlihan Lokey, continues to actively pursue strategic options to unlock the potential of the Corentyne block.”
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.
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. The company has a diversified portfolio of assets with interests in 24 exploration and production blocks in Colombia, Ecuador, and Guyana.
