CGX and Frontera Dispute Guyana Government’s Termination of Oil License
CGX Energy and Frontera Energy dispute the termination of their Petroleum Agreement for the Corentyne block by the Government of Guyana, asserting their license’s validity and readiness to protect their investment through legal means. CGX focuses on the Guyana-Suriname Basin and aims to develop a deep-water port in Berbice.
CGX Energy and Frontera Energy have jointly received a notice from the Government of Guyana, terminating their Petroleum Agreement and Prospecting License for the offshore Corentyne block. The joint venture contends that the termination is invalid and insists that their interests and license are still in effect. They are actively seeking an amicable resolution with the government while being prepared to exercise their legal rights to safeguard their investments and ensure continued exploration and development in the region.
CGX Energy Inc., a Canadian oil and gas exploration firm, focuses on the Guyana-Suriname Basin and is also working on developing a deep-water port in Berbice, Guyana. Meanwhile, Frontera Energy Corporation, also Canadian-based, engages in various oil and natural gas activities such as exploration, production, and transportation across South America, particularly in Colombia, Ecuador, and Guyana.
As for the companies’ year-to-date performance, CGX Energy has noted a 7.69% increase in stock value. The average trading volume stands at 51,736, with a technical sentiment consensus rating indicating a “Buy”. The current market capitalization of CGX Energy is C$42.32 million, reflecting its position in the market. Interested readers are encouraged to visit TipRanks’ Stock Analysis page for more detailed information regarding OYL stock.
In summary, CGX Energy and Frontera Energy are contesting the termination of their Petroleum Agreement and Prospecting License for the Corentyne block. They are actively pursuing a resolution with the Guyanese government while being ready to defend their rights legally. As they maintain operations in a promising oil region, their market performance remains closely monitored.
Original Source: www.tipranks.com
