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CGX Energy signs letter agreement with Frontera Energy.

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International Resource News-December 5, 2018--CGX Energy signs letter agreement with Frontera Energy

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International Resource News - 05 December 2018

CGX Energy Inc. (TSXV: OYL), a Canadian-based oil and gas exploration company, has signed a letter of agreement with Frontera Energy Corporation (TSX: FEC), a Canadian public company and an explorer and producer of crude oil and natural gas, to allow CGX to finance the drilling costs related to two shallow water offshore blocks in Guyana, currently 100 percent owned and operated by a subsidiary of CGX.

The contract also offers financial support as a critical step in a series of transactions that CGX is seeking to undertake in order to restructure its liabilities and provide for sufficient working capital to allow it to advance its offshore exploration projects in Guyana.

According to the terms of the letter agreement, Frontera and a wholly owned subsidiary of CGX, CGX Resources Inc., will enter into a farm-in joint venture agreement covering...

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