Frontera Energy and CGX Energy, the joint venture partners, announce that their constructive and collaborative discussions with the Government of Guyana have been concluded with respect to the Corentyne block with a rescheduling of the Joint Venture's work commitments regarding its Petroleum Prospecting License for the Corentyne Block offshore Guyana.

The Joint Venture has remained committed throughout to completing its exploratory commitments in full, despite operational activities in Guyana being severely affected for much of 2020 due to the COVID-19 pandemic, delaying the Joint Venture's exploration activities. The Joint Venture has been advised that the existing November 27, 2020 deadline for drilling the next well will be extended to November 27, 2021 subject to documentation.

Corentyne Block Summary

• The Guyana Basin is still in the early stages of exploration
• New, state of the art 3D seismic, acquired over the northern region of the Corentyne Block provides a new look at the Corentyne Block’s prospectivity in light of the discoveries in the adjacent Stabroek Block (Guyana) and Block 58 (Suriname).
• New, robust, low risk and high value prospect inventory developed from the new seismic data, augmenting the pre-existing prospect inventory.
• Re-evaluation with the new information resulted in the identification of multiple low-risk prospects within the block.
• Offset wells to the Corentyne Block encountered excellent quality sands and hydrocarbons in the Cretaceous & Miocene analogous to identified CGX prospects

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