Article content
“These are exciting times for CGX, the Joint Venture and our stakeholders as we get closer to spudding Kawa-1,” said Professor Suresh Narine, Executive Co-Chairman of CGX. “We have exciting exploration plans for the Kawa-1 and Makarapan-1 wells on the Corentyne and Demerara Blocks and, as importantly, we are developing the infrastructure necessary to support and enhance broader energy and trade industry activity through the Berbice Deepwater Port Project. We look forward to executing on our programs and creating value and opportunity for our stakeholders.”
The Loan to CGX will be available for drawdown in tranches on a non-revolving basis until the earlier of October 31, 2021 or the date on which CGX (or its subsidiaries) enters into a binding transaction that provides funds to repay the amounts outstanding under the Loan. The Loan, together with all interest accrued, shall be due and payable on June 30, 2022, or such later date as determined by Frontera, a
Frontera and CGX Announce $19 Million Loan Agreement
News provided by
Share this article
KAWA-1 REMAINS ON-TRACK TO SPUD IN 2H21
TORONTO, April 16, 2021 /PRNewswire/ - Frontera Energy Corporation (TSX: FEC) (
Frontera ) and CGX Energy Inc. (TSXV: OYL) (
CGX ), joint venture partners (the
Joint Venture ) in Petroleum Prospecting Licenses for the Corentyne and Demerara blocks offshore Guyana, announced today that they have entered into a term sheet for a $19 million loan (the Loan ) that will enable CGX to continue to finance its share of costs related to the Corentyne, Demerara and Berbice blocks, the Berbice Deepwater Port, and other budgeted costs as agreed to by Frontera.
Guyana: Frontera and CGX announce $19 million loan agreement energy-pedia.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from energy-pedia.com Daily Mail and Mail on Sunday newspapers.
CGX Energy Inc.: Frontera and CGX Announce $19 Million Loan Agreement
Toronto, Ontario (Newsfile Corp. - April 16, 2021) - Frontera Energy Corporation (TSX: FEC) (
Frontera ) and CGX Energy Inc. (TSXV: OYL) (
CGX ), joint venture partners (the
Joint Venture ) in Petroleum Prospecting Licenses for the Corentyne and Demerara blocks offshore Guyana, announced today that they have entered into a term sheet for a $19 million loan (the Loan ) that will enable CGX to continue to finance its share of costs related to the Corentyne, Demerara and Berbice blocks, the Berbice Deepwater Port, and other budgeted costs as agreed to by Frontera. Our joint venture with CGX represents a significant growth opportunity for both companies and is rooted in a commitment to the Guyanese government to develop these world class assets with a focus on local engagement and the development of infrastructure, said Orlando Cabrales, Chief Executive Officer of Frontera
Frontera and CGX Announce $19 Million Loan Agreement newswire.ca - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from newswire.ca Daily Mail and Mail on Sunday newspapers.