What's Going On With CGX, Frontera Energy Shares Today

CGX Energy Inc. OYL CGXEF and Frontera Energy Corp FEC FECCF have successfully discovered light oil in the Santonian and Coniacian and gas condensate in the Maastrichtian and Campanian at the Kawa-1 exploration well, offshore Guyana.
The JV encountered hydrocarbons in multiple zones extending from 4,638 metres in the Maastrichtian to 6,568 metres in the Coniacian.
The findings were consistent with discovery wells reported by other operators surrounding the northern portion of the Corentyne block and de-risks the forthcoming Wei-1 exploration well, expected to be spud in 3Q'22.
CGX continues to evaluate several strategic opportunities to secure additional financing to meet the costs of the drilling program.
Data from the Kawa-1 and Wei-1 exploration wells will inform future activities and potential development decisions.
Price Action: OYL shares are trading lower by 19.41% at C$1.37 on TSXV and FEC lower by 7.93% at C$13.823 on TSX on the last check Monday.