CGX Energy Inc. announced that CGX and Frontera Energy Corporation and joint venture partner in the Petroleum Prospecting Licenses for the Corentyne and Demerara blocks offshore Guyana (the "Joint Venture") will deliver an informational virtual presentation on the Guyana-Suriname basin, the offshore Corentyne block and the Kawa-1 well objectives. The objective of the virtual presentation is to share information about recent basin activity, geological modeling and drilling objectives. No current Kawa-1 drilling status updates will be provided at the time of the presentation.

The Joint Venture cordially invites all shareholders, stakeholders and investors to attend the virtual presentation. CGX and its Joint Venture partner Frontera commenced drilling operations on the Kawa-1 exploration well in late August 2021, utilizing the Maersk Discoverer - a six generation semi- submersible drilling rig. Operations have proceeded on schedule and the comprehensive planning by the CGX drilling team has resulted in effective contingency planning and a final well plan and design that has allowed the well to progress without a major individual setback to date.

At this point, four of five planned casing strings have been landed and cemented in place with two contingency casing strings still available for use if required. Close to 70% of the planned footage has been drilled and the two main geological targets of the Kawa-1 well remain to be drilled, cased and evaluated with current expectations on reaching total depth consistent with the previous public disclosure of December 2021. Kawa-1 targets are Campanian and Santonian stacked sandstone reservoirs, analogous to the discoveries on Block 58 in Suriname and potential deeper discoveries in the Stabroek block in Guyana.

Since 2015, with the discoveries on the Stabroek block in Guyana and more recently with the discoveries on Block 58 in Suriname, exploration in the Guyana and Suriname basins have resulted in over 10 billion barrels of oil equivalent discovered resources to date, as has been publicly disclosed. Kawa-1 will test the Easternmost channel/lobe compl ex on the Northern section of the Corentyne block. The primary target at Kawa is a Santonian age channel/fan, with secondary targets in the Campanian and deeper Santonian.

The primary target has the best and brightest amplitudes in the Santonian, and most definitive trap definition. Construction of the Berbice Deep Water Port ("BDWP") continues to be on schedule; active construction is ongoing on the access road (55% completed), bridge from Corentyne Highway (68% completed), rip rap flood protection (93% completed), extension of electricity infrastructure to the port site (85% completed) and quayside laydown yard (26% completed). Work has commenced on infrastructure to deliver potable water to the port, with all permits and permissions in place.

Requests for proposals have been advertised for the wharf platform and access trestle, capital dredging program, design and construction of all gates, buildings and fences, design and construction of firefighting and first aid structures and covered storage areas. Currently, evaluations of submitted proposals for the capital dredging and construction of the wharf platform and access trestle are underway. The Offshore Supply Base ("OSB") portion of the port is expected to be fully operational Q3, 2022, with the Multi-Purpose Terminal, servicing agricultural, general, and containerized cargos being fully operational at the end of Q4, 2023.