Frontera's cautious approach to Guyana oil discovery assessment
Frontera Energy and its subsidiary CGX Energy will evaluate the Wei-1 oil well in Guyana over the next two to three months before deciding whether to upgrade their exploration license to the development phase. The companies are analyzing the data obtained from the well to determine the potential of the block. Frontera's previous well in Guyana, Kawa-1, discovered light oil and gas condensate. The joint venture expressed excitement over the presence of oil in the Maastrichtian and Campanian areas of its exploration territory. Frontera posted a net income of $80.2 million in the second quarter, with capital expenditures of $154.9 million, including investments in Guyana.