Mr. Orlando Cabrales reports

514-628 MMBOE PMEAN UNRISKED GROSS PROSPECTIVE RESOURCES ESTIMATED IN MAASTRICHTIAN HORIZONS IN THE NORTHERN PORTION OF THE CORENTYNE BLOCK

CGX Energy Inc. and Frontera Energy Corp., joint venture partners in the petroleum prospecting licence for the Corentyne block offshore Guyana, will host a virtual informational presentation on Dec., 11, 2023, at 10 a.m. ET on the Guyana-Suriname basin, the Corentyne block and the joint venture's integrated well results.

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

"When Frontera and CGX formed its Joint Venture in 2019, it did so with the singular goal of discovering sufficient resources to underpin a potential standalone commercial oil development offshore Guyana. The Joint Venture is now well on its way to achieving its objective. The Joint Venture believes that approximately 514 to 628 mmboe PMean unrisked gross prospective resources may be present in the Maastrichtian horizons alone and that additional potential upside may exist in the deeper Campanian and Santonian horizons. The Joint Venture, with support from Houlihan Lokey, is actively pursuing options for a possible farm down, to unlock the potential of the Corentyne block."

Orlando Cabrales, Chief Executive Officer of Frontera, commented:

"The Joint Venture is pleased to host this virtual information presentation to discuss the exciting discoveries it's made to date in the Corentyne block. During the presentation, we'll discuss the positive results in the Maastrichtian, the potential upside in the deeper horizons, and the unpenetrated multizone potential in the central area. The Joint Venture remains excited about the Corentyne block's potential in the highly sought-after Golden and Silver Lanes in one of the most exciting basins in the world."

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

"CGX is the early exploration pioneer in the Guyana basin, always remaining focused on unlocking value for our shareholders and the Guyanese people. We have weathered border challenges, economic downturns, and unsuccessful exploration wells; our Joint Venture with Frontera has maintained and strengthened this unwavering focus. With successful discoveries at Wei-1 and Kawa-1, we are encouraged by the definitive presence of oil in the Corentyne block, and our commitment is being rewarded with potentially commercially viable prospective resources in the Maastrichtian interval with potential upside in the Campanian and Santonian intervals. The Joint Venture is extremely grateful for the on-going and high-level of interest from all our stakeholders as we now aggressively pursue a farm down process with Houlihan-Lokey."

About The Virtual Presentation

Participants are encouraged to submit questions in advance to: info@cgxenergy.com or ir@fronteraenergy.ca. Questions may also be submitted during the informational presentation. The Joint Venture cordially invites all shareholders, stakeholders, investors, and media to attend the virtual presentation.

To join the presentation, visit:

https://events.teams.microsoft.com/event/d63887b7-4251-4310-b884-f1e10c3f0f63@2637d50cc560-436c-8997-ebe63c9656fd

A copy of the presentation can be downloaded here:

https://www.fronteraenergy.ca/content/uploads/2023/12/Guyana-Technical-Webinar-Dec-2023.pdf

Prospective Resources

Based on four separate evaluations, two by independent, third-party world class resource evaluators, the positive drilling results at Wei-1 and updated interpretation of Kawa-1 well results, the Joint Venture believes that approximately 514-628 mmboe PMean unrisked gross prospective resources are present in multiple Maastrichtian horizons in the northern portion of the Corentyne block.

The Joint Venture also believes there is potential for additional prospective resources from horizons of Campanian and Santonian age.

Current Activities

The Joint Venture is in the process of concluding the exploration phase of the project. Typical deepwater developments can range four to seven years from discovery to first oil. The total cost of a typical deepwater project ranges greatly on several factors that challenge each project. Deepwater projects are more complicated developments that require appraisal drilling and conceptual modeling before Final Investment Decisions ("FID") can be made. After FID has been made, it takes approximately three years to complete detailed design/construction/commissioning, prior to first oil. As previously disclosed, based on results from the Wei-1 and Kawa-1 wells, the Joint Venture retained SIA, a Subsea 7 - Schlumberger Joint Venture, to complete a conceptual field development plan for the northern portion of the Corentyne block including subsea architecture, development well planning, production and export facilities and other considerations. As is normal course following discoveries such as those made by the Joint Venture at Wei-1 and Kawa-1 wells, additional appraisal activities will be required before commerciality can be determined. The Joint Venture currently holds a 100% working interest in the Corentyne block (Frontera: 72%; CGX: 28%).

About CGX

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 deep-water port in Berbice, Guyana.

About Frontera

Frontera Energy Corporation 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 midstream facilities. The Company has a diversified portfolio of assets with interests in 27 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.

We seek Safe Harbor.