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Frontera Energy ( (TSE:FEC) ) has shared an announcement.
Frontera Energy and CGX Energy have received a communication from the Government of Guyana regarding the termination of their Petroleum Prospecting License for the Corentyne block offshore Guyana. The Government claims there are no grounds for extending the license and has issued a notice of its intention to cancel it. The joint venture is evaluating legal options to defend its interests, while remaining committed to resolving the issue to continue their investments in Guyana.
More about Frontera Energy
CGX is a Canadian-based oil and gas exploration company that focuses on exploring oil in the Guyana-Suriname Basin and developing a deep-water port in Berbice, Guyana.
YTD Price Performance: -5.52%
Average Trading Volume: 21,670
Technical Sentiment Consensus Rating: Buy
Current Market Cap: $444.7M
Find detailed analytics on FEC stock on TipRanks’ Stock Analysis page.
