June 26 (Reuters) - Toronto-listed oil producer Frontera

Energy ( FECCF ) said on Wednesday that it and its joint venture

partner, CGX Energy ( CGXEF ), have submitted a notice of

potential commercial interest to Guyana's government for their

most recent oil discovery in the South American country.

According to Guyana's Petroleum Act, a notice of potential

commercial interest is needed to apply for extra time to

appraise a discovery and evaluate its viability.

The Frontera-CGX group could be the second in developing

Guyana's vast oil and gas reserves, following Exxon Mobil's ( XOM )

massive discoveries and fast development of the Stabroek

block, where it is producing along with partners in excess of

600,000 barrels of oil per day.

Since last year, Frontera and CGX have been looking for a

partner for their Corentyne block, after relinquishing most of

the area following the end of the substantial exploration

period.

The companies last year drilled a second well at the

Corentyne block, the Wei-1, which allowed them to meet the

requirements for a second renewal period of their 10-year

license. Wei-1 served as an appraisal well for a 2022 discovery,

Kawa-1, the companies said.

The companies and Guyana have engaged in talks about the

block, "including discussions regarding conditions under which

further activities could be performed by the joint venture,"

Frontera said in a press release. "The joint venture looks

forward to completing these discussions in an expeditious

manner."

In December, the companies said they had retained investment

banking firm Houlihan Lokey ( HLI ) to find a partner in Guyana.

(Editing by Paul Simao)