CGX Energy and Frontera Energy are disputing the termination of their Petroleum Agreement for the Corentyne block by the Government of Guyana. They assert the validity of their license and are seeking a resolution, prepared to defend their investments legally if required.
CGX Energy and Frontera Energy announced a significant update regarding their offshore Corentyne block in Guyana. The Government of Guyana issued a notice terminating their Petroleum Agreement and Prospecting License. The joint venture is contesting this termination, asserting that their interests and license remain valid. They are optimistic about reaching an amicable resolution with the government while also stating that they are prepared to defend their legal rights to safeguard their investments and maintain operational efforts in the Corentyne block.
In summary, CGX Energy and Frontera Energy are engaged in a dispute with the Government of Guyana over the termination of their Petroleum Agreement and Prospecting License for the Corentyne block. Both companies remain firm in their belief that their licenses are still valid and are pursuing ways to resolve the matter amicably, while also indicating readiness to assert their legal rights if necessary.
Original Source: www.tipranks.com
