Frontera farms into Guyana blocks
GEORGETOWN, December 6, 2018 – Frontera Energy has agreed to buy 33.33% interests in the Corentyne and Demerara blocks offshore Guyana for USD 33.3 million, international media reported on Wednesday.
Seller CGX Energy will continue to hold the remaining 66.66% shares and operate the blocks, which are adjacent to ExxonMobil’s Stabroek block, Upstream Online reported.
The news came as Tullow Oil prepares to drill its first well in the nearby Orinduik block in May or June 2019, partner Eco Atlantic Oil & Gas announced.
“[The] chance of success is estimated to be 44%,” Eco Atlantic added.