Frontera Energy (72.52%) and CGX Energy (27.48%), together the “Joint Venture”, jointly hold 100% working interest in the Corentyne Block, located in the highly prolific Guyana-Suriname basin (the Government of Guyana has only approved the assignment of 68% of the disclosed 72.52%. The most recent assignment agreed between CGX and Frontera of 4.52% remains subject to Governmental approval).

Frontera currently holds 76.05% shares of CGX Energy.

• Kawa-1 (TD Jan-22) well encountered hydrocarbon-bearing reservoirs within the Maastrichtian, Campanian, Santonian and Coniacian intervals.
• Wei-1 (TD Jun-23) well encountered hydrocarbon-bearing reservoirs within the Maastrichtian, Campanian, and Santonian intervals.
• Discoveries are on trend with Golden/Silver Lane discoveries in the Area.
• Proven oil charge and excellent reservoir in Maastrichtian justifies focus on this horizon.
  
  

Maastrichtian Volumes Underpin Potential Commercial Development

• Lower drilling time & cost of Maastrichtian wells, favorable for potential commercial development.

The Government of Guyana has publicly indicated that it is of the view that the Petroleum Prospecting License and Petroleum Agreement for the Corentyne block offshore Guyana are at an end. The Joint Venture remains firmly of the view that its interests in, and the Petroleum Prospecting License for, the Corentyne block offshore Guyana remain in place and in good standing, and that the Petroleum Agreement has not been terminated. Notwithstanding the foregoing, the Joint Venture and its stakeholders are prepared to assert their legal rights.