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CGX Energy : Announces Guyana Resource Evaluation Report - Successful Rescheduling of Demerara Work Commitment

NEWS RELEASE CGX ENERGY INC.

February 16, 2021

CGX ENERGY INC. ANNOUNCES GUYANA

RESOURCE. | February 23, 2021 ....

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Frontera Releases Independent Resource Evaluation for Guyana Blocks

Frontera Releases Independent Resource Evaluation for Guyana Blocks
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Work Commitments in Demerara Block, Guyana Rescheduled
TORONTO, Feb. 16, 2021 /PRNewswire/ - Frontera Energy Corporation (TSX: FEC) (
Frontera or the
CGX ), joint venture partners (the
Joint Venture ), are pleased to announce 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 pleased to announce the successful rescheduling of the Joint Venture s work commitments with respect to its Petroleum Prospecting License (
PPL ) for the Demerara block offshore Guyana. ....

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Guyana: Frontera Energy releases independent Resource Evaluation for Guyana Blocks

Guyana: Frontera Energy releases independent Resource Evaluation for Guyana Blocks
16 Feb 2021
independent Prospective Resource study and report in respect of the
Corentyne North Area, Corentyne Main Area and Demerara block, offshore Guyana. The Joint Venture has 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.
We thank the Government of Guyana for its continued support and partnership, which are essential to the long-term success of this strategic initiative for the benefit of all stakeholders. said Gabriel De Alba Chairman of the Board of Directors. ....

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CGX Energy Inc. Announces Guyana Resource Evaluation Report

Toronto, Ontario (Newsfile Corp. - February 16, 2021) - CGX Energy Inc. (TSXV: OYL) (
CGX Energy or the
Company ) and its joint-venture partner Frontera Energy Corporation (TSX: FEC), are pleased to announce 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 Company also disclosed the successful renegotiation of the Joint Venture s work commitments with respect to its Petroleum Prospecting License (
PPL ) for the Demerara block offshore Guyana and the Company s Berbice block onshore Guyana.
Gabriel de Alba, Co-Chairman of the Board of Directors, commented: ....

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Melbana Energy provides quarterly activities summary for the period ended 31 December 2020

Melbana Energy provides quarterly activities summary for the period ended 31 December 2020
01 Feb 2021
Construction of well pad for Alameda-1 more than half completed.
Drilling contract with preferred supplier amended to accommodate additional operational requirements. Contracts for supply of long lead items (tubulars, well casings etc.) approvedand ready for award. Amended project timeline being prepared,spud date now Q2 2021.
All partner and regulatory approvals received for two well work program and budget. Permitting and land access agreements for first well complete. Cuban work visas for key expatriate project management personnel received.
First well (Alameda-1) to take about 75 days. Three targets with a combined Prospective Resource of 143 MMBBLS(Best Estimate) to be tested, each of which have previously recovered hydrocarbons and the best of which independently assessed to have a 32% chance of success. ....

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