Saturday, May 31, 2025

Latest

CGX Energy, Frontera See Guyana Petroleum Prospecting License Terminated

CGX Energy (TSXV: OYL) and Frontera Energy (TSX: FEC) are officially out of an asset in Guyana. The two corporations this morning indicated that a second letter has been received from the Government of Guyana related to the Corentyne petroleum prospecting block off the coast of the country.

The letter essentially states that the prospecting license associated with the Corentyne block has been terminated. While the full letter was not provided by either company, it purportedly states, “The Government is of the view that the Petroleum Agreement and Prospecting Licence are at an end. [..] [The Government] hereby terminates the Petroleum Agreement and cancels the Prospecting Licence with immediate effect.”

The termination follows the issuance of a letter by the Guyanese government in early February stating that the license was terminated and in the event that it was determined it was not terminated, it served as a 30-day notice of the intent to cancel the license. That 30-day period has now lapsed, leading to the definitive cancellation.

Both CGX and Frontera for their part however dispute that the license has been cancelled, stating that the joint venture between the two parties “remains firmly of the view that its interest in, and the License for, the Corentyne block remain in place and in good standing.” The two parties are calling for the Guyanese government to “amicably resolve” the issues surrounding the license, and that they are prepared to go down legal paths.

CGX Energy last traded at $0.14 on the TSX Venture.


Information for this briefing was found via Sedar and the companies mentioned. The author has no securities or affiliations related to this organization. Not a recommendation to buy or sell. Always do additional research and consult a professional before purchasing a security. The author holds no licenses.

Leave a Reply

Video Articles

How To Profit From $3300 Gold? An Inside Look At A Massive 300,000 Oz Project | Martino De Ciccio

We’re At The Start of a Great Silver Boom | Ross McElroy & Andy Bowering – Apollo Silver Corp

Equinox Gold Q1 Earnings: When Everything Goes Wrong

Recommended

ESGold Begins Concentration Tests Ahead Of First Production

Sterling Metals Hits 0.21% Copper Over 482.8 Metres In First Drilling At Soo Copper project

Related News

CGX Energy’s Wei-1 Well Hits 71 Feet Of Net Oil Pay In Secondary Targets

CGX Energy (TSXV: OYL) this morning reported that the Wei-1 exploration and appraisal well has...

Tuesday, June 13, 2023, 09:20:45 AM

CGX Energy Closes $73.6 Million Rights Offering

CGX Energy (TSXV: OYL) announced today that it has closed its previously announced rights offering. The...

Monday, November 1, 2021, 09:17:00 AM

CGX Energy Obtains Extension For Spudding Of Wei-1 From Goverment Of Guyana

CGX Energy (TSXV: OYL) this morning in partnership with Frontera Energy (TSX: FEC) announced that...

Monday, November 28, 2022, 09:11:34 AM

CGX Energy Reports 514 – 628 Million boe In Unrisked Gross Prospective Resources At Corentyne Block

CGX Energy (TSXV: OYL) and Frontera Energy (TSX: FEC) this morning provided an estimate for...

Monday, December 11, 2023, 08:47:50 AM

Frontera, CGX Lose Guyana Petroleum Prospecting License

CGX Energy (TSXV: OYL) and Frontera Energy (TSX: FEC) appear to have lost a major...

Tuesday, February 11, 2025, 08:11:18 AM