TORONTO, Oct. 3, 2022 /CNW/ - CGX Energy Inc. (TSXV: OYL) ("CGX") and Frontera Energy Corporation (TSX: FEC) ("Frontera"), joint venture partners (the "Joint Venture") in the Petroleum Prospecting License for the Corentyne block offshore Guyana, today announce that the parties have agreed to (i) extend the maturity date of the previously announced US$19 million convertible loan to CGX dated May 28, 2021, as amended (the "Loan Agreement") to November 30, 2022; and (ii) amend the previously announced amended Joint Operating Agreement dated July 21, 2022 (the "JOA Amendment") to extend the outside date by which the conditions precedent to such agreement must be fulfilled to November 30, 2022, as the Joint Venture continues to await the satisfaction of all conditions precedent. The parties entered into the JOA Amendment to, amongst other matters, increase Frontera's participating interest in the Corentyne block in exchange for Frontera providing certain funding.
Read more at newswire.caCGX Energy and Frontera Energy Announce Extensions of Previous Loan and JOA Amendment Agreements to November 30, 2022
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