CGX ENERGY INC. AND FRONTERA ENERGY CORPORATION
JOINT VENTURE TO FOCUS ON CORENTYNE IN 2022
TORONTO, February 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.
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, including related investments in both upstream and midstream facilities. The Company has a diversified portfolio of assets with interests in 33 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.
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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.
For further information, please contact: Todd Durkee, Vice President, Development, CGX, 832 300 3200, www.cgxenergy.com or Brent Anderson, Director, Investor Relations, 1 403 705 8827, email@example.com, www.fronteraenergy.ca
Vessel Finder shows Pacific Dutchess Tug/Supply Ship in close proximity to Maersk Discoverer. Can anyone confirm this is the vessel to tow the Discoverer to our offshore correntyne drilling location?
Kawa -1 well targeting traps comparable to Stabroek and Suriname’s Block 58, explorers confident of hitting pay
OTC: CGXEF. TSX: V.OYL
Demerara, Corentyne oil blocks hold potential 4.8 billion barrels – report
Feb 18, 2021 News
NEWS RELEASE CGX ENERGY INC. (TSX-V | OYL) August 6, 2020
CGX Energy Announces Filing of Second Quarter Financial Statements
The Company, through CGX Resources Inc. (“CRI”) as the operator of the Corentyne Block under a Joint Operating Agreement (“JOA”) with Frontera Energy Guyana Corp. (“FEGC”), contracted PGS Geophysical AS (“PGS”) to provide acquisition and processing of a full broadband marine 3D seismic survey over a northern segment of the Corentyne Block located offshore Guyana. The seismic acquisition was completed on November 2, 2019 and produced seismic data covering approximately 582 km2 of the northern portion of the Corentyne Block. PGS completed Time (PreStack Time Migration) and Depth (PreStack Depth Migration) processing of these data on June 5, 2020.
CRI has completed a preliminary evaluation of the recently processed 3D seismic data, and has identified two potentially highly prospective large channel sand reservoir complexes. These channel complexes are interpreted to contain multiple high potential leads located in the northern region of the Corentyne Block which is located in close proximity to the Stabroek Block offshore Guyana and Block 58 offshore Suriname. The Pluma and Haimara discoveries in the Stabroek Block are located approximately 2 and 8 miles, respectively from the border of the northern region of the Corentyne Block and the Maka Central, Kwakwasi-1 and Sapakara West discoveries in Block 58 are located approximately 7, 15 and 20 miles, respectively from the border of the northern region of the Corentyne Block.
The leads mapped in the Northern Corentyne Block are interpreted to be situated at the same geological horizons as the nearby significant discoveries already proven in the Stabroek Block and Block 58. Also, importantly the Northern Corentyne leads are interpreted to share the same proven hydrocarbon generating basin and intervals in which the current discoveries are located. These leads are primarily stratigraphic traps composed of sandstone accumulations and deemed to be analogous to many the discoveries already proven to be successful in the Guyana basin spanning both Guyana and Suriname.
333 Bay Street, Suite 1100 Toronto, ON, Canada M5H 2R2 T 416.364.5569 F 416.360.7783
Toronto, Canada, Thursday August 6, 2020 - CGX Energy Inc. (“CGX Energy” or the “Company”) announced today the release of its unaudited condensed interim consolidated financial statements for the second quarter of 2020, together with its Management, Discussion and Analysis - Quarterly Highlights. These documents will be posted on the Company’s website at www.cgxenergy.com and SEDAR at www.sedar.com. All values in this news release and the Company’s financial disclosures are in United States dollars unless otherwise stated.
The Northern Corentyne leads are in the process of being high-graded and have been mapped within the Upper Cretaceous, Santonian and Miocene intervals and are currently undergoing further analysis in order to prioritize and rank the best prospect to be drilled. The leads are located in water depths ranging from approximately 500 to 3,600 feet and are estimated to be at a drilling depth of between approximately 11,000 to 21,700 feet.
The current high-graded lead identified in the northern region of the Corentyne Block has been named Kawa, after the iconic Kawa Mountain which overlooks the village of Paramakatoi in the Pakaraima Mountains of Guyana. It is a Santonian level, stratigraphic trap and as previously mentioned is interpreted to be analogous to the discoveries immediately to the east on Block 58 in Suriname. Additional leads are being evaluated by the Company.
CRI has recently contracted Baker Hughes to provide a pore pressure analysis of the Kawa prospect which will be completed in August 2020.
On the Demerara block, CRI will begin re-processing the existing seismic data at the end of Q3, this year in order to mature previously mapped leads into prospects ready for drilling.
The Company remains extremely excited regarding the high potential prospectivity that is being mapped within the Corentyne and Demerara Blocks.
As the global pandemic related to Coronavirus disease 2019 (“COVID-19”) continues, CGX has continued with its plan to protect the health and safety of its employees and all stakeholders. The Company’s alternative working arrangements for employees to work from home in Canada, Guyana and the USA are still in place.
The Company’s operational activities are still affected due to restrictions on travel for key personnel related to operational planning, especially into and out of Guyana. The Company, which has reiterated its commitment to the resumption of operations as soon as possible, has been engaged in constructive collaborative discussions with the regulatory authorities in Guyana about the timing of its work commitments in that country, in light of these restrictions. The Company looks forward to continuing this discussion with the Government of Guyana.
The Company continues to monitor the COVID-19 related situation and will only fully resume regular activities when there are clear indications that employees are able to return to work in a safe environment and in accordance with the advice provided by regulatory authorities in all the countries within which we operate.
Government of Guyana
The Company’s Board of Directors (the “Board”) congratulates President Dr. Mohamed Irfaan Ali on being elected the 9th President of the Cooperative Republic of Guyana. The Board also congratulates President Dr. Bharat Jagdeo on his appointment as Vice President and Brigadier (ret) Mark Phillips on his appointment as Prime Minister. The Board reaffirms the Company’s long history of collaboration with the Government and People of Guyana and looks forward to continuing to work in collaborative partnership with President Ali’s government.
Second Quarter Financial Summary
For the six-month period ended June 30, 2020, the Company recorded cash on hand as at June 30, 2020 of $10,944,682. The Company incurred net exploration and evaluation expenditures of $1,424,408 during the six-month period ended June 30, 2020 primarily due to costs for maintenance of licenses, general exploration, geological and geophysical consulting, surveys, 3D-seismic processing and interpretation, drill planning and well exploration costs.
About CGX Energy
CGX Energy is a Canadian-based oil and gas exploration company focused on the exploration of oil in the Guyana-Suriname Basin.
NEITHER THE TSX VENTURE EXCHANGE NOR ITS REGULATION SERVICES PROVIDER (AS THAT TERM IS DEFINED IN THE POLICIES OF THE TSX VENTURE EXCHANGE) ACCEPTS RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THIS RELEASE
This news release contains forward-looking statements. Forward-looking statements are frequently characterized by words such as “plan”, “expect”, “project”, “intend”, “believe”, anticipate”, “estimate”, “may”, “will”, “would”, “potential”, “proposed” and other similar words, or statements that certain events or conditions “may” or “will” occur in the future. These forward-looking statements are based on certain key expectations and assumptions made by CGX Energy. CGX Energy believes the expectations and assumptions on which it develops forward-looking statements are reasonable; however, undue reliance should not be placed on forward-looking statements as there can be no assurance they will prove to be correct. Since forward-looking statements address future events and conditions, by their very nature they involve inherent risks and uncertainties. Actual results could differ materially from those currently anticipated due to a number of factors and risks. In addition, other risks that may affect the forward-looking statements in this news release are outlined further in the Company’s most recent Annual Information Form on SEDAR at www.sedar.com.
The forward-looking statements contained in this news release are made as of the date hereof and CGX Energy undertakes no obligation to update publicly or revise any forward-looking statements or information, whether as a result of new information, future events or otherwise, unless so required by applicable securities laws.
For further information, please contact:
Tralisa Maraj, Chief Financial Officer at (832) 300-3200 or firstname.lastname@example.org
Boatload of discoveries’ offshore Guyana signals more to come – Geoscientist
By OilNOW -December 18, 2019 0
Dr. William Heins, Geologist and Management Consultant at Getech, spoke to the media in Guyana on the sidelines of the Guyana International Petroleum Exhibition and Summit (GIPEX 2019) held on November 20-22 at the Marriott Hotel in Georgetown.
Since 2015, Guyana has gone from having no known oil resource to a massive 6 billion plus barrels of oil equivalent with 14 discoveries at the giant Stabroek Block, and an additional 2 at the smaller adjacent Orinduik.
All this comes after decades of dry holes and disappointments that saw a number of companies exit empty-handed with one oil major selling its interest for US$1 just before the world class Liza discovery in 2015.
Dr. William Heins, a Geologist and Management Consultant at Getech – a UK-based data and consultancy firm – says the discoveries made off the Guyana coast to date are a sign of more exploration success to come.
Asked by reporters at the just concluded Guyana International Petroleum Exhibition and Summit (GIPEX 2019) what is his takeaway from the record number of discoveries which have been made at the Stabroek Block, Heins said, “You have a lot. There’s a boatload of hydrocarbons there. That’s the most important takeaway and I think the discoveries to date have substantiated that and there is every reason to expect that you would continue to have exploration successes in this particular area.”
Heins, who delivered a presentation at GIPEX on exploring the equatorial Atlantic margin – chasing the conjugate mirror, said explorers have been excited about coming to South America because of the success in Africa.
He said the Zaedyus discovery in the Guyane Maritime licence operated by Tullow Oil off the French Guiana coast in 2011 reignited excitement, with many thinking that the success of the Jubilee discovery in Ghana would be replicated on the South American continent.
“Then there was some disappointment when four subsequent wells failed to substantiate a field as big as Jubilee. But then, with Guyana’s success; I think it has flipped the paradigm so that now it should be the Africans who are excited about the success on the South American side and people should be excited about going to Africa because it has been successful here in Guyana,” he pointed out.
ExxonMobil, operator at the Stabroek Block, is set to begin producing oil from the 120,000 bpd Liza Phase 1 development, potentially before the end of the year. The company is also pursuing multiple drill targets on the 6.6 million acres block in search of more crude. Already, Liza Phase 2 has been approved targeting a potential start-up by 2022, while a 3rd development at the Payara field could begin producing oil by 2023.
Other companies, such as Tullow Oil, Repsol and CGX Energy are also gunning for oil in ongoing and upcoming campaigns over the coming months at other blocks off the Guyana coast
CGX Energy Inc. is a Canadian-based oil and gas company focused on exploring for oil in the Guyana-Suriname basin. Our Licences in Guyana cover 9.5 million gross acres, 7.2 million net.
In 1996, the founders of CGX began negotiations with the Government of Guyana to acquire an offshore concession to explore for oil. CGX and others view the Guyana-Suriname Basin as attractive for high-risk exploration for hydrocarbons. The United States Geological Survey (USGS) has identified the Guyana-Suriname Basin as having the second highest resource potential after Greenland among unexplored oil basins in the world. The USGS estimates mean recoverable oil reserves of 15.2 billion bbls and gas reserves of 42 trillion cubic ft.
In June 1998, CGX Resources Inc., a wholly owned subsidiary of CGX, was granted the 10-year Corentyne Licence by the Government of Guyana. The following May, we conducted a seismic program over the offshore portion of the concession, identifying 2 turbidite deep-sea fan targets, Eagle and Wishbone, and two stratigraphic-trap targets, Horseshoe West and East. In June 2000, while setting up to drill on Eagle, the rig CGX had contracted was forced off location by Surinamese gunboats, even though Guyana and Suriname are full signatories to the Law of the Sea Convention. Because CGX had already incurred the financial cost of mobilizing drilling equipment from Italy, we drilled our third-ranked target, Horseshoe West, a stratigraphic-trap play that was abandoned as a dry hole. After drilling Horseshoe, we relinquished 1 million acres with reduced exploration potential and added the 1-million acre Annex extension to the Corentyne Licence in January 2001. CGX Energy received an extension for its Corentyne License to June 2013.
Negotiations to resolve the maritime border dispute between the two countries were ongoing and on February 25, 2004, the Government of Guyana formally commenced binding dispute settlement procedures under the United National Convention on the Law of the Sea (UNCLOS). On September 20, 2007, the International Tribunal on the Law of the Sea (ITLOS) announced the award in favour of Guyana -- see Maritime Border Resolution
In addition, CGX has a 25% working interest in the offshore Georgetown Licence located between the original Corentyne Block and The Annex. This area is subject to a confidentiality agreement with the operator, Repsol-YPF.
In 2004, CGX finalized its purchase of the Pomeroon Block, a 2.8 million acre 100% interest block to the northwest.
Research into onshore activities in Suriname and advancements in technology piqued our interest in exploring the onshore portion of our Corentyne Licence. On September 10, 2003, ON Energy Inc. was incorporated in Guyana, as a wholly owned subsidiary of CGX Energy Inc. ON's principal asset is the Licence rights to the 800,000-acre onshore and near shore portion, the Berbice Block.