10:26 AM EDT, 08/01/2025 (MT Newswires) -- Frontera Energy ( FECCF ) and CGX Energy ( CGXEF ) on Friday provided an update on Corentyne, after the Government of Guyana last week rejected their claims regarding block licenses.

This comes after the Government of Guyana reaffirmed its view that the Joint Venture's interest expired on June 28, 2024, but also said that it may consider a final meeting with the investors, on a without prejudice basis, in October 2025, while adding the JV would be informed as to whether such a meeting will occur in September 2025 .

Frontera and CGX said they "remain firmly of the view that its interests in, and the license for, the Corentyne block remain in place and in good standing and that the Petroleum Agreement has not been terminated". They noted that although the three-month consultation and negotiation period derived from a Notice of Intent has now expired, the Joint Venture and its stakeholders continue to invite the Government of Guyana to amicably resolve the issues affecting the JV's investments in the Corentyne block.

"Should the parties not reach a mutually agreeable solution, the Joint Venture and its stakeholders are prepared to assert their legal rights," the added.

Frontera and CGX have agreed their respective participating interests are 72.52% and 27.48%, which includes a 4.52% interest that CGX agreed to assign to Frontera Guyana in 2023. They said the assignment of this 4.52% participating interest remains subject to approval of the Government of Guyana but is believed to be enforceable between Frontera Guyana and CGX.

FEC shares were last seen down near 2%, while CGX was unchanged.

Price: 6.20, Change: -0.16, Percent Change: -2.52