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31 Jan 2022

Joint Venture Announces Discovery At Kawa-1 Well, Offshore Guyana

CGX Energy Inc. (TSXV: OYL) ("CGX") and Frontera Energy Corporation (TSX: FEC) ("Frontera"), the majority shareholder of CGX and joint venture (the "Joint Venture") partner of CGX in the Petroleum Prospecting License for the Corentyne block offshore Guyana, today announced that the Joint Venture has made a discovery at the Kawa-1 well, in the Corentyne Block.

Gabriel de Alba, Chairman of Frontera's Board of Directors and Co-Chairman of CGX's Board of Directors, commented:

"Initial results from the Kawa-1 well are positive and reinforce CGX and Frontera's belief in the potentially transformational opportunity our investments and interests in Guyana present for our companies and the country. Kawa-1 results add to the growing success story unfolding in offshore Guyana as the country emerges as a global oil and gas exploration hotspot. On behalf of the Joint Venture, I'd like to thank the Government of Guyana for its long-standing support as we worked together to deliver this successful outcome."

The Kawa-1 well encountered approximately 177 feet (54 metres) of hydrocarbon-bearing reservoirs within Maastrichtian, Campanian and Santonian horizons based on initial evaluation of Logging While Drilling (LWD) data. These intervals are similar in age and can be correlated using regional seismic data to recent successes in Block 58 in Suriname and Stabroek Block in Guyana. The well also encountered hydrocarbon bearing sands in deeper strata (Coniacian or older) which will also be analyzed and could become the target of future appraisal opportunities. The net pay and fluid properties of the hydrocarbons across the shallow and deep reservoirs will now be confirmed with electric wireline logging and fluid sampling, with results to be disclosed as soon as practicable.

The Kawa-1 well was drilled to a depth of 21,578 feet (6,578 metres) and targeted the easternmost Campanian and Santonian channel/lobe complex on the northern section of the Corentyne block.

The Kawa-1 results support the Joint Venture's geological and geophysical models and have helped de-risk equivalent targets in other parts of the Corentyne license area. The end of well forecast is currently projected to be the end of February 2022. Information on final well cost estimates and additional results will be announced upon completion of end of well activities.

CGX is currently assessing several strategic opportunities to obtain additional financing to meet the costs of the drilling program.   

Professor Suresh Narine, Executive Co-Chairman of CGX's Board of Directors, commented:

"Results from the Kawa-1 well represents a positive milestone in the CGX journey as a pioneer oil and gas explorer in the Guyana Basin. Together with our partner Frontera, CGX looks forward to continuing our socially and environmentally conscious approach to development of Guyana's oil and gas industry and port infrastructure. We are proud of our long partnership with the Government and People of Guyana and of our reputation as Guyana's Indigenous Oil Company."

Orlando Cabrales, Chief Executive Officer of Frontera, commented:

"We are very pleased to have successfully drilled the Kawa-1 well with our partner CGX. I commend the significant effort of all the talented employees and contractors involved and their dedication to helping this partnership achieve this important milestone. We now have an ability to focus our efforts on potentially transformational opportunities and to continue our positive relationship with the government and people of Guyana."

Second Exploration Well to be Drilled on Corentyne

Building on its recent offshore positive results at the Kawa-1 exploration well, the Joint Venture anticipates spudding its second commitment well, called Wei-1, in the northwestern part of the Corentyne block in the second half of 2022. 

The Joint Venture has exercised its option to use the Maersk Discoverer semi-submersible mobile drilling rig for the Wei-1 well. This is an important step from a health and safety, efficiency, and operational perspective and will maintain continuity in the exploration program during a period of high demand in the region and consistency in working with a team familiar with the rig.

The Wei-1 exploration well will target Campanian and Santonian aged stacked channels in the western fan complex in the northern section of the Corentyne block. The Wei-1 well is named after one of the tallest peaks in the Pakaraima mountain range, which has commanding visibility over the surrounding terrain. Wei Tepu was historically used as a sentinel post by the Patamona People to guard against attacks.

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