Saturday, June 28, 2025

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 oil resources in the northern portion of the Corentyne Block, which is found offshore of Guyana.

The duo report that between 514 and 628 million barrels of oil equivalent PMean unrisked gross prospective resources exist within the Maastrichtian horizons, while further upside could exist within the Campanian and Santonian horizons. The prospective resource estimate is based on four separate evaluations, and results from the Wei-1 and Kawa-1 wells.

With the prospective resource identified, the venture is said to be in the process of concluding the exploration phase of the project, having already previously retained SIA to complete a conceptual field development plan for the northern portion of the block.

The venture meanwhile is said to be actively pursuing options for a possible farm down agreement to fully “unlock the potential of the Corentyne Block,” which is being conducted with support from Houlihan Lokey.

READ: CGX Energy Reviewing Strategic Options For Corentyne Block After 35 Metres Of Net Pay Hit In Wei-1 Well

“When Frontera and CGX formed its Joint Venture in 2019, it did so with the singular goal of discovering sufficient resources to underpin a potential standalone commercial oil development offshore Guyana. The Joint Venture is now well on its way to achieving its objective. [..] The Joint Venture, with support from Houlihan Lokey, is actively pursuing options for a possible farm down, to unlock the potential of the Corentyne block,” commented Gabriel de Alba, Chairman of Frontera.

CGX Energy last traded at $0.375 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.

Video Articles

Silver Set to Hit 70:1 Against Gold This Year? | David Morgan

Why This “Unknown Metal” Is Suddenly Essential For Defense & Tech | Antimony Resources

Tudor Gold x American Creek: Consolidating A Massive Gold Project

Recommended

Goliath Resources Expands 2025 Drill Program To 60,000 Metres

Emerita Resources Formally Appeals Administrative Ruling On Aznalcóllar Related To 2017 Complaint 

Related News

CGX Energy Reports 210 Feet Of Hydrocarbon Bearing Sands In Santonian Horizon

CGX Energy (TSXV: OYL) has seen its joint venture with Frontera Energy (TSX: FEC) hit...

Wednesday, June 28, 2023, 08:35:01 AM

CGX Energy, Frontera See Guyana Petroleum Prospecting License Terminated

CGX Energy (TSXV: OYL) and Frontera Energy (TSX: FEC) are officially out of an asset...

Thursday, March 13, 2025, 09:59:15 AM

CGX Energy Loses Majority Interest In Corentyne Block In Attempt To Fund Exploration

In an attempt to fund its exploration, CGX Energy (TSXV: OYL) has given up majority...

Friday, July 22, 2022, 08:51:29 AM

CGX Energy Sources Short Term US$35 Million Loan From Frontera

CGX Energy (TSXV: OYL) appears to be getting bailed out by its largest shareholder. The...

Friday, March 11, 2022, 07:57:48 AM

CGX Energy To Relinquish Berbice, Demerara Blocks In Guyana As Focus Turns To Corentyne

CGX Energy (TSXV: OYL) is close to going all-in on its Corentyne block, found offshore...

Friday, June 17, 2022, 09:06:55 AM