Brief: Guyana approves CGX, Frontera joint venture for offshore oil exploration

CGX Energy

03/05/2019 22:17

May 3 (Reuters) - Guyana's government has approved a joint
venture agreement for offshore oil exploration between
Canada-based companies CGX Energy Inc  OYL.V  and Frontera
Energy Corp  FEC.TO , said Mark Bynoe, the government's director
of energy.
     
    * Guyana on April 30 approved the farm-in joint venture
covering two shallow-water offshore licenses, the Corentyne and
Demerara blocks 
    * CGX is planning to drill one well, the Utakwaaka, by
November using a jack-up rig. Additional exploration wells are
expected to follow through 2023
    * CGX in February announced the farm-in joint venture
agreement with Frontera
    * The Corentyne and Demerara blocks are adjacent to
ExxonMobil's Stabroek block, which has made 13 discoveries since
May 2015



 (Reporting by Neil Marks in Georgetown
Writing by Luc Cohen)
 ((luc.cohen@thomsonreuters.com; +58 424 133 7696; Reuters
Messaging: Twitter: @cohenluc))