An anonymous director reports

CGX AND FRONTERA DISCOVER 210 FEET OF HYDROCARBON-BEARING SANDS IN THE SANTONIAN CONFIRMED BY WIRELINE LOGS AND EXTENSIVE CORE SAMPLES AT THE WEI-1 WELL, OFFSHORE GUYANA

CGX Energy Inc. and Frontera Energy Corp., the majority shareholder of CGX and joint venture partner of CGX in the petroleum prospecting licence for the Corentyne block, offshore Guyana, have discovered oil at the Wei-1 well, on the Corentyne block, approximately 200 kilometres offshore from Georgetown, Guyana. The joint venture has successfully finished drilling operations without any safety incidents and expects to release the drilling rig in early July, 2023.

The Wei-1 well encountered 210 feet of hydrocarbon-bearing sands in the Santonian horizon. The joint venture acquired wireline logs and extensive core samples from the Santonian, however, due to a tool failure downhole and a new tool not being available, oil samples were not obtained. The rock and fluid properties of the Santonian will now be analyzed by an independent third party laboratory over the next two to three months to define net pay and a basis for the evaluation of this interval.

The joint venture has updated its previously announced discovery in the Maastrichtian and Campanian intervals to 77 feet of net pay. Fluid samples were retrieved from the Campanian and Maastrichtian, indicating the presence of light crude in the Campanian and sweet medium crude oil in the Maastrichtian.

The joint venture's data acquisition program included wireline logging, MDT fluid samples and sidewall cores throughout the various intervals. Over the next few months, results will be integrated into the geologic and geophysical models to form an updated view of the entire northern portion of the Corentyne block. The northern portion of the Corentyne block includes the channel complexes discovered by the Kawa-1 and Wei-1 wells, and a prospective central channel complex, which is yet to be evaluated. The joint venture is excited by the definitive presence of oil in the Maastrichtian and Campanian, and the presence of hydrocarbons in the Santonian, and believes there is significant potential in the block.

About CGX Energy Inc.

CGX is a Canadian-based oil and gas exploration company focused on the exploration of oil in the Guyana-Suriname basin and the development of a deepwater port in Berbice, Guyana.

About Frontera Energy Corp.

Frontera Energy is a Canadian public company involved in the exploration, development, production, transportation, storage and sale of oil and natural gas in South America, including related investments in both upstream and mid-stream facilities. The company has a diversified portfolio of assets with interests in 31 exploration and production blocks in Colombia, Ecuador and Guyana, and pipeline and port facilities in Colombia. Frontera is committed to conducting business safely and in a socially, environmentally and ethically responsible manner.

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See Frontera Energy's corporate presentation on the company's website.

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