New Risk • Jun 25
New major risk - Share price stability The company's share price has been highly volatile over the past 3 months. It is more volatile than 90% of Canadian stocks, typically moving 16% a week. This is considered a major risk. Share price volatility increases the risk of potential losses in the short-term as the stock tends to have larger drops in price more frequently than other stocks. It may also indicate the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. Currently, the following risks have been identified for the company: Major Risks Less than 1 year of cash runway based on free cash flow trend (-US$2.8m free cash flow). Share price has been highly volatile over the past 3 months (16% average weekly change). Negative equity (-US$15m). Earnings have declined by 45% per year over the past 5 years. Revenue is less than US$1m (US$563k revenue). Minor Risk Market cap is less than US$100m (CA$62.6m market cap, or US$44.0m). Reported Earnings • Mar 18
Full year 2025 earnings released: US$0.23 loss per share (vs US$0.008 loss in FY 2024) Full year 2025 results: US$0.23 loss per share (further deteriorated from US$0.008 loss in FY 2024). Revenue: US$563.2k (up US$510.1k from FY 2024). Net loss: US$76.3m (loss widened US$73.7m from FY 2024). Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 56 percentage points per year, which is a significant difference in performance. New Risk • Feb 07
New minor risk - Share price stability The company's share price has been volatile over the past 3 months. It is more volatile than 75% of Canadian stocks, typically moving 19% a week. This is considered a minor risk. Share price volatility indicates the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. It also increases the risk of potential losses in the short term as the stock tends to have larger drops in price more frequently than other stocks. Currently, the following risks have been identified for the company: Major Risks Earnings have declined by 34% per year over the past 5 years. Revenue is less than US$1m (US$548k revenue). Minor Risks Less than 1 year of cash runway based on current free cash flow (-US$2.0m). Share price has been volatile over the past 3 months (19% average weekly change). Market cap is less than US$100m (CA$66.0m market cap, or US$48.3m). Announcement • Oct 01
CGX Energy Inc., Annual General Meeting, Dec 05, 2025 CGX Energy Inc., Annual General Meeting, Dec 05, 2025. Announcement • Aug 16
Frontera Energy Corporation Announces Changes to CGX Energy Inc. Board Frontera Energy Corporation announced that two officers of the Company have joined the board of directors of CGX Energy Inc., and that Gabriel de Alba, director and Co-chairman of CGX, has resigned from the CGX Board. As a result, the CGX Board includes three officers of the Company, namely, Orlando Cabrales (Chairman of the CGX Board), Alejandra Bonilla, and René Burgos Díaz. New Risk • Aug 14
New major risk - Revenue and earnings growth Earnings have declined by 18% per year over the past 5 years. This is considered a major risk. Ultimately, shareholders want to see a good return on their investment and that generally comes from sharing in the company's profits. If profits are declining over an extended period, then in most cases the share price will decline over time unless the company can turn around its fortunes. A trend of falling earnings can be very difficult to turn around. If the company is well already established it may also be a sign the company has matured and is in decline. In addition, if the company pays dividends it will also likely need to reduce or cut them, striking a dual blow to total shareholder returns. Currently, the following risks have been identified for the company: Major Risks Earnings have declined by 18% per year over the past 5 years. Revenue is less than US$1m (US$383k revenue). Minor Risks Less than 1 year of cash runway based on current free cash flow (-US$2.9m). Share price has been volatile over the past 3 months (18% average weekly change). Market cap is less than US$100m (CA$52.5m market cap, or US$38.0m). Announcement • Aug 01
CGX Energy Inc. to Report Q2, 2025 Results on Aug 13, 2025 CGX Energy Inc. announced that they will report Q2, 2025 results After-Market on Aug 13, 2025 New Risk • Feb 28
New major risk - Share price stability The company's share price has been highly volatile over the past 3 months. It is more volatile than 90% of Canadian stocks, typically moving 18% a week. This is considered a major risk. Share price volatility increases the risk of potential losses in the short-term as the stock tends to have larger drops in price more frequently than other stocks. It may also indicate the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. Currently, the following risks have been identified for the company: Major Risks Less than 1 year of cash runway based on free cash flow trend (-US$7.3m free cash flow). Share price has been highly volatile over the past 3 months (18% average weekly change). Earnings have declined by 18% per year over the past 5 years. Revenue is less than US$1m. Minor Risk Market cap is less than US$100m (CA$50.8m market cap, or US$35.2m). Board Change • Sep 03
Less than half of directors are independent Following the recent departure of a director, there are only 2 independent directors on the board. The company's board is composed of: 2 independent directors. 3 non-independent directors. Independent Director Mark Zoback was the last independent director to join the board, commencing their role in 2021. The company's minority of independent directors is a risk according to the Simply Wall St Risk Model. New Risk • Aug 27
New minor risk - Share price stability The company's share price has been volatile over the past 3 months. It is more volatile than 75% of Canadian stocks, typically moving 12% a week. This is considered a minor risk. Share price volatility indicates the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. It also increases the risk of potential losses in the short term as the stock tends to have larger drops in price more frequently than other stocks. Currently, the following risks have been identified for the company: Major Risks Less than 1 year of cash runway based on free cash flow trend (-US$7.9m free cash flow). Earnings have declined by 30% per year over the past 5 years. Revenue is less than US$1m. Minor Risks Share price has been volatile over the past 3 months (12% average weekly change). Market cap is less than US$100m (CA$45.7m market cap, or US$34.0m). Announcement • Jun 18
CGX Energy Inc., Annual General Meeting, Aug 30, 2024 CGX Energy Inc., Annual General Meeting, Aug 30, 2024. New Risk • Nov 14
New minor risk - Market cap size The company's market capitalization is less than US$100m. Market cap: CA$137.1m (US$99.3m) This is considered a minor risk. Companies with a small market capitalization are most likely businesses that have not yet released a product to market or are simply a very small company without a wide reach. Either way, risk is elevated with these companies because there is a chance the product may not come to fruition or the company's addressable market or demand may not be as large as expected. In addition, if the company's size is the main factor, it is less likely to have many investors and analysts following it and scrutinizing its performance and outlook. Currently, the following risks have been identified for the company: Major Risks Share price has been highly volatile over the past 3 months (17% average weekly change). Earnings have declined by 37% per year over the past 5 years. Revenue is less than US$1m. Minor Risk Market cap is less than US$100m (CA$137.1m market cap, or US$99.3m). New Risk • Nov 12
New minor risk - Share price stability The company's share price has been volatile over the past 3 months. It is more volatile than 75% of Canadian stocks, typically moving 17% a week. This is considered a minor risk. Share price volatility indicates the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. It also increases the risk of potential losses in the short term as the stock tends to have larger drops in price more frequently than other stocks. Currently, the following risks have been identified for the company: Major Risks Earnings have declined by 37% per year over the past 5 years. Revenue is less than US$1m. Minor Risk Share price has been volatile over the past 3 months (17% average weekly change). Announcement • Nov 11
Cgx Energy Inc. and Frontera Energy Corporation Announces the Discovery of Total of 114 Feet (35 Meters) of Net Pay At the Wei-1 Well on the Corentyne Block CGX Energy Inc. and Frontera Energy Corporation announce the discovery of a total of 114 feet (35 meters) of net pay at the Wei-1 well on the Corentyne block, approximately 200 kilometers offshore from Georgetown, Guyana. The Joint Venture believes that the rock quality discovered in the Maastrichtian horizon in the Wei-1 well is analogous to that reported in the Liza Discovery on Stabroek block. Results further demonstrate the potential for a standalone shallow oil resource development across the Corentyne block. The Joint Venture also announces that Houlihan Lokey, a leading global investment bank and capital markets expert, is supporting active pursuit of strategic options for the Corentyne block, including a potential farm down, as it seeks to develop this potentially transformational oil investment in one of the most attractive oil and gas destinations in the world today, Guyana. There can be no guarantee that the review of strategic options will result in a transaction. The Wei-1 well, located approximately 14 kilometres northwest of the Joint Venture's previous Kawa-1discovery, was safely drilled by the NobleCorp Discoverer semi-submersible mobile drilling unit in water depth of approximately 1,912 feet (583 metres) to a total depth of 20,450 feet (6,233 meters). The Wei-1 well targeted Maastrichtian, Campanian and Santonian aged stacked sands within channel and fan complexes in the northern section of the Corentyne block. As reported on June 28, 2023, the Joint Venture's data acquisition program at the Wei-1 well included wireline logging, MDT fluid samples and sidewall coring throughout thevarious intervals. Announcement • Jun 29
CGX Energy Inc. and Frontera Energy Corporation Discover Oil At the Wei-1 Well CGX Energy Inc. and Frontera Energy Corporation announced that the Joint Venture has discovered oil at the Wei-1 well, on the Corentyne block, approximately 200 kilometers offshore from Georgetown, Guyana. The Joint Venture has successfully finished drilling operations without any safety incidents and expects to release the drilling rig in early July 2023. The Wei-1 well encountered 210 feet of hydrocarbon bearing sands in the Santonian horizon. The Joint Venture acquired wireline logs and extensive core samples from the Santonian, however, due to a tool failure downhole and a new tool not being available, oil samples were not obtained. The rock and fluid properties of the Santonian will now be analyzed by an independent third-party laboratory over the next 2- 3 months to define net pay and a basis for the evaluation of this interval. The Joint Venture has updated its previously announced discovery in the Maastrichtian and the Campanian intervals to 77 feet of net pay. Fluid samples were retrieved from the Campanian and Maastrichtian indicating the presence of light crude in the Campanian and sweet medium crude oil in the Maastrichtian. The Joint Venture's data acquisition program included wireline logging, MDT fluid samples and sidewall cores throughout the various intervals. Over the next few months, results will be integrated into the geologic and geophysical models to form an updated view of the entire northern portion of the Corentyne block. The northern portion of the Corentyne block includes the channel complexes discovered by the Kawa-1 and Wei-1 wells, and a prospective central channel complex, which is yet to be evaluated. The Joint Venture is excited by the definitive presence of oil in the Maastrichtian and Campanian and the presence of hydrocarbons in the Santonian and believes there is significant potential in the block. New Risk • Jun 28
New minor risk - Share price stability The company's share price has been volatile over the past 3 months. It is more volatile than 75% of Canadian stocks, typically moving 13% a week. This is considered a minor risk. Share price volatility indicates the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. It also increases the risk of potential losses in the short term as the stock tends to have larger drops in price more frequently than other stocks. Currently, the following risks have been identified for the company: Major Risks Less than 1 year of cash runway based on free cash flow trend (-US$45m free cash flow). Earnings have declined by 36% per year over the past 5 years. Revenue is less than US$1m. Minor Risk Share price has been volatile over the past 3 months (13% average weekly change). Announcement • Jun 18
CGX Energy Inc., Annual General Meeting, Aug 31, 2023 CGX Energy Inc., Annual General Meeting, Aug 31, 2023. Announcement • Jan 24
CGX Energy Inc. and Frontera Energy Corporation Spuds the Wei-1 Well, on the Corentyne Block, Approximately 200 Kilometres Offshore from Georgetown, Guyana CGX Energy Inc. and Frontera Energy Corporation, joint venture partners announced that the Joint Venture has spud the Wei-1 well, on the Corentyne block, approximately 200 kilometres offshore from Georgetown, Guyana. The Joint Venture also announced that the Government of Guyana has approved an Appraisal Plan for the northern section of the Corentyne block which commenced with the Wei-1 well. Following completion of Wei-1 drilling operations and upon detailed analysis of the results, the Joint Venture may consider future wells per its appraisal program to evaluate possible development feasibility in the Kawa-1 discovery area and throughout the northern section of the Corentyne block. Any future drilling is contingent on positive results at Wei-1 and the Joint Venture has no further drilling obligations beyond the Wei-1 well. The Wei-1 well is located approximately 14 kilometres northwest of the Joint Venture's previous Kawa-1 light oil and condensate discovery and will be drilled in water depth of approximately 1,912 feet (583 metres) to an anticipated total depth of 20,500 feet (6,248 metres). The Wei-1 well will target Maastrichtian, Campanian and Santonian aged stacked sands within channel and fan complexes in the northern section of the Corentyne block. The well is expected to take approximately 4-5 months to reach total depth. Announcement • Jul 19
CGX Energy Inc. Announces CFO Changes CGX Energy Inc. announced that due to personal reasons Mr. George Davis, the Company's Chief Financial Officer is leaving CGX effective immediately. Mr. Daniel Sanchez, currently head of the Corporate Consolidation and Reporting team at Frontera Energy Corporation has been appointed CFO of CGX effective immediately. Mr. Sanchez is an accounting professional with more than 18 years of experience in accounting and financial activities, including extensive experience in consolidation of financial statements under International Financial Reporting Standards and financial reporting to the Toronto Stock Exchange in Canada, and has expert knowledge in audit processes, internal control, accounting systems and business process analysis. Mr. Sanchez also has more than 12 years experience in the oil and gas industry. Mr. Sanchez joined Frontera in 2010 and has been involved in CGX and Frontera's consolidationand reporting efforts. From 2006 to 2010, Mr. Sanchez was a senior auditor with Ernst & Young leading audit teams and other projects. From 2004 to 2006, Mr. Sanchez worked with assurance, tax, accounting, consulting and transaction advisory in Grant Thornton. Mr. Sanchez obtained a public accounting professional license from the Universidad de la Salle in 2004, and has formal education in International Financial Reporting Standards, financial modeling, hedging operations, and is fluent in Spanish, English and Portuguese. Announcement • Jul 06
CGX Energy Inc. Announces CFO Chnages CGX Energy Inc. announced that Mr. George Davis has been appointed as the Chief Financial Officer ("CFO") of the Company, effective July 1, 2022. Mr. Davis replaces the Interim CFO, Ms. Hill York Poon, who will be remaining with the Company as its Director of Finance. The Company also announced the appointment of Mr. Paul Langlois as its Exploration Manager, effective June 27, 2022. Mr. Davis has over 20 years of financial and leadership experience having worked with publicly- listed international companies in a variety of sectors including mining, energy, and infrastructure. He started his career at PricewaterhouseCoopers LLP in the audit and assurance group before becoming the corporate controller for Global Atomic Corporation, a uranium exploration and development company with operations in West Africa. Subsequently, Mr. Davis held progressively senior finance roles at Frontera Energy Corporation supporting financial reporting, internal controls, treasury, investor relations and capital market teams across its oil & gas operations in Latin America. Most recently, he was responsible for developing the financial policy and reporting strategy at the Canadian Pension Plan Investment Board (CPP Investments), a professional investment management organization with over $539 billion in net assets. Mr. Davis is a Chartered Professional Accountant (Ontario), Chartered Financial Analyst, and holds a Bachelor of Commerce degree from the University of Toronto. Paul Langlois has over 18 years of exploration and development experience across multiple basins including North America, Gulf of Mexico, Middle East, Africa, Europe, and South Asia. Mr. Langlois has held various senior level positions at Unocal, Chevron, Cobalt, and Tiburon. He was responsible for numerous international geological assessments and field developments. Mr. Langlois has a Bachelor of Science and Master of Science degree in Geology from the University of Louisiana at Lafayette. Announcement • Jun 17
CGX Energy Inc. Provides Update on Exploration Blocks Offshore and Onshore Guyana CGX Energy Inc., joint venture partner with Frontera Energy Corporation in the Petroleum Prospecting License for the Corentyne block offshore Guyana, announced that, following constructive discussions with the Government of Guyana, the joint venture will focus exclusively on the exploration opportunities in the Corentyne block. The decision follows the discovery at the Kawa-1 exploration well on the Corentyne block. CGX will continue to integrate its findings from the Kawa-1 well into preparations for its second exploration well, called Wei-1, to be spud in the third quarter of 2022. The Wei-1 exploration well will be located approximately 14 kilometres northwest of the Kawa-1 exploration well in the Corentyne block, approximately 200 kilometres offshore from Georgetown, Guyana. The Wei-1 exploration well will be drilled in water depth of approximately 1,912 feet (583 metres) to a targeted total depth of 20,500 (6,248 metres) and will target Maastrichtian, Campanian and Santonian aged stacked channels in a western channel complex in the northern section of the Corentyne block. Given the importance of the Demerara block to Guyana, CGX has, in principle, reached an agreement with the Government to allow for the relinquishment of the Demerara block through a mutual termination agreement which terms remain to be defined and documented. Such termination agreement would allow relinquishment of the Demerara block in a timely manner, allowing the people of Guyana to benefit from exploration activities under the stewardship of interested parties. ON Energy, which is a 62.5% owned subsidiary of CGX and is the holder of the Petroleum Prospective Licence of the Berbice block has also been in discussions with the Government of Guyana, and has reached an agreement in principle to relinquish the Berbice block through a mutual termination agreement, which also remains to be defined and documented, so that the Berbice block can be relinquished in a timely manner, similar to the Demerara block. Announcement • May 14
CGX Energy Inc., Annual General Meeting, Jul 29, 2022 CGX Energy Inc., Annual General Meeting, Jul 29, 2022. Announcement • Apr 09
CGX Energy Inc. announced that it has received $35 million in funding from Frontera Energy Corporation On April 8, 2022 CGX Energy Inc. closed the transaction. The TSX Venture Exchange has accepted for filing documentation with respect to the transaction. Announcement • Mar 07
CGX Energy Inc. Provides Operational Update CGX Energy Inc. provided additional details about the findings from the independent laboratory that analyzed the Kawa-1 well samples of cuttings from the four pay intervals in the Santonian mentioned in their March 2, 2022 press release. Kawa-1 was a first stage exploration well intended to identify the presence of hydrocarbons, which occurred. The well was then decommissioned by way of safely plugging and abandoning it, a standard practice and planned event. The Kawa-1 well was never intended to be kept active following completion of the successful drilling campaign. The summary of the cuttings analysis, where the Company stated in its March 2, 2022 release that "preliminary results from the Santonian interval indicate the presence of liquid hydrocarbons in the reservoir," was based on the following findings from the independent laboratory: Cuttings samples from twelve reservoir zones in the Kawa-1 well are being analyzed with a variety of geochemical methods to evaluate in situ hydrocarbons. Preliminary data from four pay intervals in the Santonian show consistent fingerprints which provide confidence in the interpretation and mitigate mud contaminants by overcoming the presence of Synthetic Oil Based Mud (SOBM) in the cuttings. A technique called Low Temperature Hydrous Pyrolysis (LTHP) was utilized to analyze the cuttings to preserve volatile hydrocarbons; High Resolution Gas Chromatography (HRGC) analysis of the LTHP mobilized hydrocarbons demonstrate the reproducible presence of light hydrocarbons (C4- C12). Distinctive molecular ratios in these light hydrocarbons indicate that these Santonian reservoirs likely contain a light oil, consistent with fluorescence analysis of cuttings during drilling. These results are supported by analysis of solvent-extracted samples from the cuttings, which contain biomarkers that show characteristic patterns consistent with a Cretaceous Santonian source. Measured ratios of Dibenzothiophene/Phenanthrene aromatics from the samples are low (<0.15), in line with low sulfur content and a marine shale source. Further geochemical investigation of samples taken from the Santonian, Campanian and Maastrichtian intervals continue and will be communicated when fully analyzed. Recent Insider Transactions • Oct 21
CFO & Corporate Secretary recently sold CA$128k worth of stock On the 13th of October, Tralisa Maraj sold around 85k shares on-market at roughly CA$1.50 per share. This was the largest sale by an insider in the last 3 months. This was Tralisa's only on-market trade for the last 12 months. Announcement • Aug 25
Frontera Energy Corporation Announces the Spudding of the Kawa-1 Exploration Well, Offshore Guyana Frontera Energy Corporation announced the spudding of the Kawa-1 exploration well, offshore Guyana. The Kawa-1 well is located in the northeast quadrant of the Corentyne block, approximately 200 kilometers offshore from Georgetown. The water depth is approximately 355 meters (1174 ft) and the expected total depth of the Kawa-1 well is 6,685 meters (21,932 ft). With multiple opportunities based on internal geological studies, the Kawa-1 well targets light oil in combination structural-stratigraphic traps in large Santonian and Campanian slope fan complexes. The primary target is a Santonian sand with updip and lateral pinchout of the reservoir, as well as counter-regional dip and structural closure. The Kawa-1 well is also expected to penetrate secondary objectives in a shallower Campanian sand and a deeper Santonian sand with the expectation of targeting additional hydrocarbon potential. The stacked targets in Kawa-1 are considered analogous to the discoveries immediately adjacent to the Corentyne Block, in Block 58 in Suriname. Additionally, the Kawa-1 well is expected to de-risk multiple other prospects on the block which also have stacked reservoirs and similar structural geometries. Proximity of the Corentyne block to the Cretaceous Berbice Canyon sediment source is interpreted to have concentrated sandstone reservoirs in the North Corentyne area. Channelized, stacked internal fan geometries evident on 3D seismic are indicative of thick, stacked, coarser-grained sand reservoirs. Announcement • Jul 14
CGX Energy Inc. Provides Operational Update CGX Energy Inc. announced that the Kawa-1 well, the Joint Venture's commitment well on its Corentyne block, is expected to be spud within the August 1st to 15th time period and reach total depth in approximately 85 days. The
primary target for the Kawa -1 well is a Santonian age, stratigraphic trap. The Kawa-1 well is located in the northeast quadrant of the Corentyne block approximately 200 km offshore from Georgetown. The water depth is approximately 355 meters (1,174 ft) and the expected total depth of the Kawa-1 well is 6575 meters (21,700 ft). As previously announced, Kawa-1 will be drilled by the Maersk Discoverer, a sixth-generation semi-submersible currently working in Trinidad for another operator. CGX Resources Inc., a wholly owned subsidiary of CGX and operator of the Corentyne block, has secured all necessary contracts for the drilling of Kawa-1 and is now commencing operational activities to meet the targeted spud window. The current cost estimate to drill and evaluate Kawa-1 is between approximately $80-$85 million, which CGX expects to finance from one or more options that are currently being considered by the Company. Announcement • Mar 05
CGX Energy Inc. Provides an Update on the Kawa-1 and Makarapan-1 Exploration Wells and Exploration Program CGX Energy Inc. provided an update on the Kawa-1 and Makarapan-1 exploration wells and exploration program: The Kawa-1 exploration well on the Corentyne block is currently expected to be drilled to a depth of approximately 6,500 metres ("m") in water depth of approximately 370 m and is slated to be drilled in the second half of 2021. The primary target is a Santonian age, stratigraphic trap, interpreted to be analogous to the discoveries immediately to the east on Block 58 in Suriname. The prospect is named after the iconic mountain overlooking the village of Paramakatoi in the Pakaraima Mountains of Guyana. The Makarapan-1 exploration well on the Demerara block is currently expected to be drilled to a total depth of approximately 3,500 m in water depth of approximately 1,000 m. The primary target is an Aptian age, sandstone reservoir. The prospect is named after the Precambrian mountain overlooking the Rupununi Savannahs of Guyana. The Company expects, based on presently available information, that the total cost of the Guyana exploration program in 2021 will be approximately $90 million. Announcement • Feb 18
Frontera Energy Corporation and CGX Energy Inc. Release Independent Resource Evaluation for Guyana Blocks Frontera Energy Corporation and CGX Energy Inc., joint venture partners (the "Joint Venture") announced the completion of an independent Prospective Resource study and report (the "Resource Report") in respect of the Corentyne North Area, Corentyne Main Area and Demerara block, offshore Guyana. The Joint Venture is also announced the successful rescheduling of the Joint Venture's work commitments with respect to its Petroleum Prospecting License ("PPL") for the Demerara block offshore Guyana. The Joint Venture contracted McDaniel & Associates Consultants Ltd. ("McDaniel"), an independent external qualified resource evaluator, to conduct a resource evaluation on its concessions in the offshore Corentyne and Demerara blocks in Guyana in the Guyana-Suriname basin. Frontera holds a direct working interest of 33.3% in both the offshore Corentyne and Demerara blocks and, taken together with its CGX share ownership of 73.8%, results in a total consolidated working interest of 82.6% in the blocks. A total of 32 prospects were identified by McDaniel in both blocks (27 in the Corentyne block and 5 in the Demerara block). Frontera's consolidated interest is equivalent to a mean volume of 6,089 MMboe unrisked and 1,090 MMboe risked. The fluid content considered for the prospects is mainly oil (64%), natural gas (28%) and the remainder condensate (8%). These results support management's view that the blocks are highly prospective. The independent external Resource Report was completed on October 21, 2020 and certain information contained in the Resource Report is summarized below. The table shows the prospects on the Corentyne North Area, Corentyne Main Area and Demerara block for Frontera's consolidated working interest (82.6%) on an un-risked and risked basis. The Joint Venture continues to advance its exploration program in both the Corentyne and Demerara blocks with well locations being selected by the Joint Venture. In the Corentyne block, plans are proceeding on the Kawa-1 exploration well. Well design is complete, procurement of long lead items is in advanced stages and key technical staff have been recruited. The Joint Venture plans to spud the Kawa-1 exploration well during the second half of this year and expects to drill the well in a water depth of approximately 1,100 feet targeting the Campanian-Santonian-aged stratigraphic trap, interpreted to be analogous to the discoveries immediately to the east on Block 58 in Suriname. Additional prospects and leads on the northern portion of Corentyne have been identified and are being matured by the Joint Venture. In the Demerara block, the Joint Venture continues to advance its preparatory work for the Makarapan-1 exploration well (previously called Demerara-F), an Aptian stratigraphic prospect on the block. Additional prospects and leads on the block have been identified and are being matured by the Joint Venture. Is New 90 Day High Low • Feb 05
New 90-day high: CA$0.59 The company is up 31% from its price of CA$0.45 on 06 November 2020. The Canadian market is up 13% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Oil and Gas industry, which is up 28% over the same period. Announcement • Jan 06
CGX Energy Announces Appointment of Lacy Will as Drilling Director CGX Energy Inc. announced that it has contracted Mr. Kevin Lacy as Drilling Director of the Company. Mr. Lacy will oversee all operations of the Company's exploration drilling and potential appraisal programs on the Corentyne and Demerara petroleum prospective licenses offshore Guyana. Mr. Lacy has extensive experience (40 years) in oil and gas operations and drilling in many international basins, especially offshore. His career started with Chevron in 1980 where he rose through the management ranks working in the Gulf of Mexico ("GoM"), China, Angola, Europe, North Sea and the US. Announcement • Nov 28
Frontera Energy Corporation and Cgx Energy Inc Announces Rescheduling of Work Commitments in Corentyne Block, Guyana Frontera Energy Corporation and CGX Energy Inc. announce that their constructive and collaborative discussions with the Government of Guyana have been concluded with respect to the Corentyne block with a rescheduling of the Joint Venture's work commitments regarding its Petroleum Prospecting License for the Corentyne Block offshore Guyana. The Joint Venture has remained committed throughout to completing its exploratory commitments in full, despite operational activities in Guyana being severely affected for much of 2020 due to the COVID-19 pandemic, delaying the Joint Venture's exploration activities. The Joint Venture has been advised that the existing November 27, 2020 deadline for drilling the next well will be extended to November 27, 2021 subject to documentation. Is New 90 Day High Low • Nov 24
New 90-day high: CA$0.56 The company is up 10.0% from its price of CA$0.51 on 25 August 2020. The Canadian market is up 5.0% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Oil and Gas industry, which is down 3.0% over the same period. 
