08:46:12 EDT Thu 28 Mar 2024
Enter Symbol
or Name
USA
CA



CGX Energy Inc (2)
Symbol OYL
Shares Issued 287,588,662
Close 2022-10-03 C$ 0.97
Market Cap C$ 278,961,002
Recent Sedar Documents

Frontera, CGX Energy extend loan, Corentyne deal

2022-10-03 09:42 ET - News Release

See News Release (C-FEC) Frontera Energy Corp

An anonymous director of Frontera reports

CGX ENERGY AND FRONTERA ENERGY ANNOUNCE EXTENSIONS OF PREVIOUS LOAN AND JOA AMENDMENT AGREEMENTS TO NOVEMBER 30, 2022

CGX Energy Inc. and Frontera Energy Corp., joint venture partners in the petroleum prospecting licence for the Corentyne block offshore Guyana, have agreed to: (i) extend the maturity date of the previously announced $19-million (U.S.) convertible loan to CGX dated May 28, 2021, as amended, to Nov. 30, 2022; and (ii) amend the previously announced amended joint operating agreement dated July 21, 2022, to extend the outside date by which the conditions precedent to such agreement must be fulfilled to Nov. 30, 2022, as the joint venture continues to await the satisfaction of all conditions precedent. The parties entered into the JOA amendment to, amongst other matters, increase Frontera's participating interest in the Corentyne block in exchange for Frontera providing certain financing.

The transactions described herein between Frontera and CGX are related party transactions under Multilateral Instrument 61-101 but are exempt from the obligations to obtain a formal valuation and approval from a minority of shareholders. Nevertheless, CGX obtained a formal valuation for the Corentyne block in connection with the JOA amendment, in accordance with TSX Venture Exchange requirements. The material change report filed by CGX in connection with a news release issued on July 22, 2022, contains the required disclosure regarding such exemptions and the formal valuation for the Corentyne block obtained by CGX.

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 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. Frontera has a diversified portfolio of assets with interests in 32 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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