Guyana approves CGX, Frontera offshore block farm-out

Guyana has approved the previously proposed farm-out of a share in CGX’s two offshore blocks in Guyana to Frontera Energy Corporation.

Frontera will farm into two shallow water offshore Petroleum Prospecting Licenses in Guyana, the Corentyne and Demerara blocks, acquiring a 33.333% share.

The signing bonus of $33.3 million will be paid by way of offset of $24.6 million of debt payable to Frontera by CGX plus a cash payment of US$8.7 million paid by Frontera to CGX.
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