- CGX Energy Inc. (TSXV:OYL) (OTC:CGXEF) and Frontera Energy Corp (TSX:FEC) (OTC:FECCF) have successfully discovered light oil in the Santonian and Coniacian and gas condensate in the Maastrichtian and Campanian at the Kawa-1 exploration well, offshore Guyana.
- The JV encountered hydrocarbons in multiple zones extending from 4,638 metres in the Maastrichtian to 6,568 metres in the Coniacian.
- The findings were consistent with discovery wells reported by other operators surrounding the northern portion of the Corentyne block and de-risks the forthcoming Wei-1 exploration well, expected to be spud in 3Q'22.
- CGX continues to evaluate several strategic opportunities to secure additional financing to meet the costs of the drilling program.
- Data from the Kawa-1 and Wei-1 exploration wells will inform future activities and potential development decisions.
- Price Action: OYL shares are trading lower by 19.41% at C$1.37 on TSXV and FEC lower by 7.93% at C$13.823 on TSX on the last check Monday.
