CGX is a publicly traded (TSX-V|OYL) Canadian oil and gas exploration company that holds an interest in the Corentyne block in the Guyana Basin; a proven petroleum basin with over 11 billion barrels of recoverable oil equivalent discovered to date. Since 1997, CGX has been an active explorer both onshore and offshore Guyana. In 2021/2022, CGX successfully drilled its operated exploration well, Kawa-1. The Kawa-1 well discovered 228 feet of condensate and light oil pay in the Maastrichtian, Campanian, Santonian, and Coniacian intervals which verified the working petroleum system in the northern region of the Corentyne Block. The Kawa-1 well helps de-risk CGX’s exploration portfolio. The Company is focused and ready to drill its operated Wei-1 exploration well in 4Q 2022, with Joint Venture Partner Frontera Energy Corporation (TSX-FEC). The Wei-1 exploration well is located west of the Kawa-1 discovery in the northern region of the Corentyne block. Wei-1 is being drilled adjacent to the Pluma discovery and on-trend with other major commercial discoveries (Haimara, Kiru – Kiru, and Seabob on the Stabroek Block and Maka Central, Sapakara West, Kwaskwasi, Keskesi, and Krabdagu on Block 58 in Suriname) located mere miles from the northern region of the Corentyne block. CGX, through its wholly owned subsidiary Grand Canal Industrial Estates, is currently constructing the Berbice Deep Water Port. This facility, located on the eastern bank of the Berbice River, adjacent to and north of Crab Island in Region 6, Guyana, is being constructed on 30 acres with 400 m of river frontage.
