"We are pleased to complete this financing agreement in support of our joint venture as we build momentum towards spudding the Wei-1 exploration well in the second half of this year," said Orlando Cabrales, CEO of Frontera. "These are exciting times for our joint venture and we look forward to working with our partner, CGX, as we build on our recent exploration success at the Kawa-1 exploration well and generating value for our shareholders and the people of Guyana in one of the most exciting basins in the world."
"The Kawa- 1 exploration well represents a transformative discovery for CGX, in partnership with Frontera. With positive results and data supporting the 200 feet of net pay indicated, we have de-risked our exploration program and can continue to move forward with our overall plans, beginning with Wei-1," said Professor Suresh Narine, Executive Co-Chairman of CGX. "We look forward to adding to our positive momentum and creating value and opportunity for our stakeholders."
Read the article online at: https://www.oilfieldtechnology.com/offshore-and-subsea/11032022/cgx-and-frontera-announce-loan-agreement-to-finance-drilling-offshore-guyana/
You might also like
Global oil demand growth will rise by 1.9 million bpd in 2024 with key markets in the Asia Pacific (APAC) region being the main driver, accounting for over 63% of the total according to Alan Gelder, Vice President of Oils Research at Wood Mackenzie.