Frontera extends CGX loan

Frontera extends CGX loan

Loans Energy Gas Project & Infrastructure Finance Caribbean Canada

Frontera Energy said it has extended a bridge loan for CGX Energy as part of a farm-in joint venture agreement in Guyana. CGX has until the end of September to pay back the loan. In the meantime, Frontera can convert the $8.86m loan into an equity stake in CGX for $0.22 per share. The two Canadian oil and gas companies agreed to form a joint venture to develop CGX's two shallow water offshore blocks, Corentyne and Demerara, in December last year.  Frontera took a 33.3% stake in the two blocks

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