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Frontera Announces Approval for Resequencing of Work Programme in Guyana

Source: www.gulfoilandgas.com 8/2/2019, Location: South America

Frontera Energy Corporation ("Frontera") announces that a resequencing of CGX Energy Inc.'s work programme in the Corentyne block, offshore Guyana, held by its wholly owned subsidiary, CGX Resources Inc., has been approved by means of an addendum to its Corentyne Petroleum Agreement by the Government of the Cooperative Republic of Guyana. CGX and Frontera are joint venture partners in the block and CGX is the operator.

The benefit of the resequenced work program, which allows seismic assessment to be conducted over the northern area of the Corentyne block before drilling of an exploration well, is that it will allow CGX and Frontera to gain a more complete technical understanding of the Corentyne block and in particular its northern sector. Acquisition of new seismic data will allow the joint venture to evaluate more comprehensively the hydrocarbon potential of the Corentyne block updip from discoveries in the adjacent Stabroek block and help it assess whether it first drills the Utakwaaka well or another well located in the northern region of the block.

Richard Herbert, Chief Executive Officer of Frontera, commented:
"I am very pleased that our partner CGX successfully renegotiated the timing of our drilling and seismic obligations relating to the Corentyne block, offshore Guyana, allowing the joint venture to gain better technical data, including 3D seismic, before drilling. Our joint venture is now positioned to target higher quality, lower risk prospects, beginning with our first two wells planned for 2020."

In addition, the joint venture plans to commence the drilling of a new commitment well in the Demerara block in 2020, which was originally planned for February 2021. The sequence of the wells in 2020 will depend upon the results of the technical evaluation. This approach should also result in significant cost savings and improved execution efficiency for the joint venture.

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