Mr. Todd Durkee reports

CGX ANNOUNCES COMMENCEMENT OF COMMERCIAL OPERATION OF BERBICE PORT AND PROVIDES UPDATE ON CORENTYNE BLOCK

CGX Energy Inc. has commenced commercial operation of the Berbice port and has provided an update on the Corentyne block.

Berbice deepwater port update

The company is pleased to announce that the Berbice port, owned and operated by its wholly owned subsidiary, Grand Canal Industrial Estates Inc., is fully accredited to operate and has begun operations as of Sunday, Dec. 8, 2024, when a vessel of 90 metres by 25 metres with a load of 3,800 metric tonnes of aggregates was safely moored and offloaded. The port is open for business, and long-term agreements for its use are being negotiated. The facility can accommodate vessels of up to 150 metres in length and provides 10 acres of port yard rated at five tonnes per square metre. The port is accessible from the main Corentyne highway by a three-kilometre stretch of road rated at five tonnes per axle. The facility is also supported by a 15-acre logistics yard at Bramfield, along the Corentyne highway, 3.2 kilometres from the port.

Corentyne licence update

As previously indicated, the company and its joint venture partner Frontera Energy Guyana Corp. remain committed to the potential development of the Corentyne block as supported by the JV's recent discoveries at Kawa-1 and Wei-1.

The JV has engaged in continuing constructive communications with the government of Guyana regarding the Corentyne block with the latest one occurring on Sept. 25, 2024. To date, the JV has not received any formal communications from the government of Guyana regarding the status of the licence. The JV is firmly of the view that the Corentyne block petroleum agreement remains in place. The JV recognizes that recent comments from certain government officials have created confusion amongst stakeholders, which have materially affected the JV and caused substantial harm to the JV's efforts to develop the Corentyne block. The JV is reviewing all alternatives to safeguard its interest in the Corentyne block and Guyana, and has sent the government of Guyana a letter activating a 60-day period for the parties to the Corentyne block petroleum agreement to make all reasonable efforts to amicably resolve all disputes through negotiation, as provided for in the Corentyne block petroleum agreement.

About CGX Energy Inc.

CGX Energy 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.

We seek Safe Harbor.