Corentyne Acreage and Activity Overview
CGX at a Glance
cgx
energy inc
• The Company has a strong balance sheet with no existing long-term debt and has a carry on the Wei-1
exploration well, following the completion of a farm-out agreement with Frontera Energy Corp. (FEC)
on July 21, 2022.
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• The Company recorded a discovery on the Corentyne block at the Kawa-1 well in 2022: condensate
and light oil discovered in 228 feet of pay in the Maastrichtian, Campanian, Santonian and Coniacian
levels. This discovery has helped de-risk the Wei-1 well currently being drilled, located 14km from
Kawa-1 well, raising chance of success from 29 to 56%.
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The Wei-1 Exploration/Appraisal well was spudded in January 2023. Wei-1 is ahead of schedule with
no spills or lost time work incidents. The well is expected to be completed during the second quarter of
2023.
CGX has spent $22.8 million to date on its Berbice Deep Water Port and is focused on the completion
of the first phase of the facility in 2023.
• CGX market cap as of April 3, 2023, was approximately Canadian $560 million.
• CGX was recognized as one of the top-performing companies on the TSX Venture 50 2022.
(https://v50.stocktrak.com/).
www.cgxenergy.com
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