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What's Going On With CGX, Frontera Energy Shares Today

Benzinga Real-time News · May 9, 2022 15:23

CGX Energy Inc. (TSXV:OYL) (OTC:CGXEF) and Frontera Energy Corp (TSX:FEC) (OTC:FECCF) have successfully discovered light oil in the Santonian and Coniacian and gas condensate in the Maastrichtian and Campanian at the Kawa-1 exploration well, offshore Guyana.
The JV encountered hydrocarbons in multiple zones extending from 4,638 metres in the Maastrichtian to 6,568 metres in the Coniacian.
The findings were consistent with discovery wells reported by other operators surrounding the northern portion of the Corentyne block and de-risks the forthcoming Wei-1 exploration well, expected to be spud in 3Q'22.
CGX continues to evaluate several strategic opportunities to secure additional financing to meet the costs of the drilling program.
Data from the Kawa-1 and Wei-1 exploration wells will inform future activities and potential development decisions.
Price Action: OYL shares are trading lower by 19.41% at C$1.37 on TSXV and FEC lower by 7.93% at C$13.823 on TSX on the last check Monday.

Disclaimer: This content is for informational and educational purposes only and does not constitute a recommendation or endorsement of any specific investment or investment strategy. Read more

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This presentation is for informational and educational use only and is not a recommendation or endorsement of any particular investment or investment strategy. Investment information provided in this content is general in nature, strictly for illustrative purposes, and may not be appropriate for all investors. It is provided without respect to individual investors’ financial sophistication, financial situation, investment objectives, investing time horizon, or risk tolerance. You should consider the appropriateness of this information having regard to your relevant personal circumstances before making any investment decisions. Past investment performance does not indicate or guarantee future success. Returns will vary, and all investments carry risks, including loss of principal. Moomoo makes no representation or warranty as to its adequacy, completeness, accuracy or timeline for any particular purpose of the above content.

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Moomoo Technologies Inc., Moomoo Financial Inc., Moomoo Financial Singapore Pte. Ltd.，Futu Securities (Australia) Ltd, Moomoo Financial Canada Inc., and Futu Malaysia Sdn. Bhd. are affiliated companies.

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