07:55 AM EST, 02/11/2025 (MT Newswires) -- CGX Energy ( CGXEF ) and Frontera Energy ( FECCF ) on Tuesday said the Guyana government terminated their petroleum prospecting license for their Corentyne block joint venture offshore Guyana.

The government said there are no reasonable grounds to grant any extensions to the joint venture and it intends to cancel any other type of license that the companies' hold.

CGX and Frontera said they are assessing legal options to assert their rights and will respond to the government.

"The Joint Venture looks forward to expeditiously resolving this matter and continuing its multi-year efforts and investments to realize value for the people of Guyana and its shareholders from the Corentyne block," the companies said.