A Mayer Brown team represented CGX Resources Inc., an affiliate of CGX Energy Inc., a Toronto-based oil and gas firm focused on the Guyana-Suriname Basin, in a transaction that would secure funding for its next offshore exploration well in Guyana's Corentyne block by agreeing to farm out a portion of its interest to its partner Frontera Energy Guyana Corporation, an affiliate of Frontera Energy Corporation.
As part of the agreement, CGX will transfer a 34.67 percent interest in the Corentyne block to Frontera in exchange for a total consideration in excess of US$120 million, including Frontera funding the joint venture's costs associated with the Wei-1 exploration well for up to $130 million.
The team was led partner Pablo Ferrante (Houston/New York), and included special counsel Norman Nadorff (Houston/Rio de Janeiro) and associate Tanner Sykes (Houston).
View CGX/Frontera’s press release here.
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