Frontera Energy and CGX Energy provided today an update on the Corentyne block license.

On May 9, 2025, Frontera and its subsidiaries, Frontera Petroleum International and Frontera Energy Guyana, submitted a notice of intent to the Government of Guyana on March 26, 2025. The notice alleges breaches of the United Kingdom – Guyana Bilateral Investment Treaty and the Guyana Investment Act by the Government of Guyana, and initiated a three-month consultation and negotiation period aimed at resolving the dispute amicably.

On July 23, 2025, the Government of Guyana, through its legal counsel, responded to the Investors, rejecting their claims regarding the Corentyne block license. The Government of Guyana reaffirmed its view that the Joint Venture's interest expired on June 28, 2024, but noted that it may consider a final meeting with the Investors, on a without prejudice basis, in October 2025, and the Joint Venture would be informed as to whether such a meeting will occur in September 2025.

Frontera Guyana and CGX Resources remain firmly of the view that its interests in, and the license for, the Corentyne block remain in place and in good standing and that the Petroleum Agreement has not been terminated. Although the three-month consultation and negotiation period derived from the Notice of Intent has now expired, the Joint Venture and its stakeholders continue to invite the Government of Guyana to amicably resolve the issues affecting the Joint Venture's investments in the Corentyne block. Should the parties not reach a mutually agreeable solution, the Joint Venture and its stakeholders are prepared to assert their legal rights.

The Joint venture holds a 100% working interest in the Corentyne block, located offshore Guyana. Frontera Guyana and CGX Resources have agreed that their respective participating interests are 72.52% and 27.48%, which includes a 4.52% interest which CGX Resources agreed to assign to Frontera Guyana in 2023. The assignment of this 4.52% participating interest remains subject to the approval of the Government of Guyana, but is believed to be enforceable between Frontera Guyana and CGX Resources.

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