ENABLES CGX TO CONTINUE TO FINANCE ITS SHARE OF JOINT VENTURE EXPENDITURES
KAWA-1 REMAINS ON-TRACK TO SPUD IN 2H21
“Our joint venture with CGX represents a significant growth opportunity for both companies and is rooted in a commitment to the Guyanese government to develop these world class assets with a focus on local engagement and the development of infrastructure,” said
“These are exciting times for CGX, the Joint Venture and our stakeholders as we get closer to spudding Kawa-1,” said Professor
The Loan to CGX will be available for drawdown in tranches on a non-revolving basis until the earlier of
Subject to the approval of the
The Loan contemplated by the term sheet remains subject to customary conditions, including the negotiation and execution of definitive agreements between Frontera and CGX and obtaining regulatory approvals. There is no guarantee that definitive agreements will be executed on the terms contemplated, or at all.
The transactions described herein between Frontera and CGX are related party transactions under Multilateral Instrument 61-101 but are exempt from the obligations to obtain a formal valuation and approval from a minority of shareholders. The material change report to be filed by CGX in connection with this news release will contain the required disclosure regarding such exemptions.
NEITHER THE TSX VENTURE EXCHANGE NOR ITS REGULATION SERVICES PROVIDER (AS THAT TERM IS DEFINED IN THE POLICIES OF THE
CGX is a Canadian-based oil and gas exploration company focused on the exploration of oil in the
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Cautionary Note Concerning Forward-Looking Statements.
This news release contains forward-looking statements. All statements, other than statements of historical fact, that address activities, events or developments that Frontera and CGX believe, expect or anticipates will or may occur in the future (including, without limitation, statements regarding the entering into of definitive agreements, the timing of the