CGX Energy and Frontera announce execution of farm-in JV agreement and bridge loan

Published by Aimee Knight, Editorial Assistant
Oilfield Technology, Monday, 04 February 2019 14:30

CGX Energy Inc. (‘CGX’) and Frontera Energy Corporation are pleased to announce the execution of a farm-in joint venture agreement covering CGX's two shallow water offshore Petroleum Prospecting Licenses in Guyana, the Corentyne and Demerara Blocks.

These agreements remain subject to Guyanese government approval.

CGX and Frontera are also pleased to announce that they have entered into an amended and restated bridge loan agreement, pursuant to which Frontera has agreed to extend the term of CGX's April 25, 2018 bridge loan to September 30, 2019 and to update certain other terms and conditions. Frontera has the option to convert up to US$8.8 million principal amount of the loan into CGX common shares at a conversion price of US$0.22 per share (being the US dollar equivalent of CDN$0.29, which was the closing price of the shares of CGX prior to the December 4, 2018 announcement of the amendment to the bridge loan), at any point on or before maturity of the loan.

Read the article online at: https://www.oilfieldtechnology.com/offshore-and-subsea/04022019/cgx-energy-and-frontera-announce-execution-of-farm-in-jv-agreement-and-bridge-loan/

INEOS and Shell agree to progress new oil and gas opportunities in the Gulf of Mexico

Tuesday 05 May 2026 14:30

INEOS Energy and Shell Offshore Inc., a subsidiary of Shell plc, have today agreed to jointly invest in exploration and development opportunities, strengthening their collaboration and supporting long-term energy security, from areas in tieback distance to the Appomattox platform in the Gulf of Mexico.

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