Page 15 - LatAmOil Week 44 2021

LatAmOil NEWS IN BRIEF LatAmOil

In consideration for the standby commitment containerised cargos being fully operational by current expectations on reaching total depth
provided by Frontera under the Offering, Fron- the end of 2023. consistent with the previous public disclosure of
tera received five-year warrants to purchase up About CGX: CGX is a Canadian-based oil December 2021.
to 1,173,774 Common Shares at an exercise price and gas exploration company focused on the The Kawa-1 well will test the easternmost
equal to $1.51 per Common Share. As a result, exploration of oil in the Guyana-Suriname Basin channel/lobe complex on the northern section
Frontera holds an aggregate of 257,475,469 and the development of a deepwater port in the of the Corentyne block. The primary target at
Common Shares on a non-diluted basis, Berbice, Guyana. Kawa is a Santonian age channel/fan, with sec-
which represents approximately 76.98% of the CGX Energy, November 3 2021 ondary targets in the Campanian and deeper
issued and outstanding Common Shares and Santonian. The primary target has the best and
285,892,120 on a partially-diluted basis (assum- Frontera announces brightest amplitudes in the Santonian, and most
ing conversion of the $19mn principal amount definitive trap definition.
under the bridge loan agreement between CGX Q3-2021 results Frontera and majority-owned subsidiary and
and Frontera and exercise of the warrants), co-venturer CGX hold over 1.4mn acres (5,670
which represents approximately 78.79% of the Frontera Energy today reported financial and square km) in the Guyana-Suriname basin.
issued and outstanding Common Shares on a operational results for the third quarter ended Additional drill-ready prospects have been iden-
partially-diluted basis. September 30, 2021. tified in the North Corentyne area and several
CGX intends to use the funds raised through Operational Update, Guyana: On August 22, exploration leads are being matured. CGX con-
the Offering for the exploration and develop- 2021, Frontera and majority-owned subsidiary tinues to advance its development of its Berbice
ment of the Corentyne and Demerara blocks and co-venturer CGX commenced drilling oper- deepwater harbor project to support the rapidly
offshore Guyana and the Berbice block onshore ations on the Kawa-1 exploration well and CGX expanding local oil and gas industry including
Guyana and for the development of the Berbice exercised its option to drill a second well with its own activities.
Deepwater Port in Guyana. These funds, as well Maersk Drilling Holdings Singapore through the Colombia: Production averaged 36,422
as additional financing alternatives, are expected use of the Maersk Discoverer rig. Operations at boepd, up 2% compared to 35,682 boepd in
to provide the funds necessary to meet all of the Kawa-1 have proceeded on schedule and com- the prior quarter and 43,202 boepd in the third
Company’s short-term liquidity requirements prehensive planning by the Joint Venture has quarter of 2020. Higher production quarter
over the next 12 months. resulted in effective contingency planning and over quarter was a result of production growth
On October 26, 2021, Todd Durkee was a final well plan and design that has allowed the in the CPE-6 and Quifa blocks resulting from
appointed Vice-President of Development for well to progress without a major individual set- water handling improvements during the third
the Company. back to date. quarter.
Grand Canal Industrial Estates Inc., a whol- Four of five planned casing strings have been Currently, the Company has three drilling
ly-owned subsidiary of the Company, has com- landed and cemented in place with two con- rigs and six workover rigs active at its Quifa,
menced the Berbice Deepwater Port Project tingency casing strings still available for use if Coralillo and Abanico operations. In the third
(BDWP) on 30 acres (0.12 square km) of land on required. quarter of 2021, the Company drilled 15 wells
the eastern bank of the Berbice River. The deep- As of November 1, 2021, close to 78% of the and completed 27 workovers and well services.
water port facility intends to serve as an Offshore planned footage has been drilled and the three Year to date, the Company has drilled 28 wells
Supply Base (OSB) and a Multi-Purpose Termi- main prospective targets of the Kawa-1 well and completed workovers/well services and
nal (MPT) with containerised and specialised remain to be drilled, cased and evaluated with other activities at 86 others.
cargo handling and agricultural import/export
operations. The BDWP will enable provisioning
of operators and vendors in territorial waters of
both Guyana and Suriname. Construction of
the BDWP continues on schedule; active con-
struction is ongoing on the access road (62%
completed), bridge from Corentyne Highway
(85% completed), rip rap flood protection (94%
completed), extension of electricity infrastruc-
ture to the port site (85% completed), extension
of water infrastructure to the port site (39% com-
pleted) and quayside laydown yard (31% com-
pleted). All permits and permissions are in place.
Requests for proposals have been advertised for
the wharf platform and access trestle, capital
dredging programme, design and construction
of all gates, buildings and fences, design and con-
struction of firefighting and first aid structures
and covered storage areas. Currently, evaluations
of submitted proposals for the capital dredging
and construction of the wharf platform and
access trestle are underway. The OSB portion of
the port is expected to be fully operational in the
third quarter of 2022, with the multi-purpose
terminal, servicing agricultural, general, and

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