Enables CGX to Continue to Finance Its Share of Joint Venture Expenditures; Kawa-1 Remains On-Track to Spud in 2H21
- "Completing the loan agreement with CGX is an important step forward and the Joint Venture remains firmly on-track to spud its first offshore Guyana well as planned in the second half of this year.
- "\n"These are exciting times for CGX, the Joint Venture and our stakeholders as we get closer to spudding Kawa-1," said Professor Suresh Narine, Executive Co-Chairman of CGX.
- The Loan, together with all interest accrued, shall be due and payable on June 30, 2022, or such later date as determined by Frontera, at its sole discretion.
- If the Loan is extended by Frontera past June 30, 2022, at its sole discretion, the new interest rate will be 15% per annum.