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Pipeline and port stakes remain after E&P exit; ODL declares $64.7 million USD net to Frontera, LPG terminal starts up at Puerto Bahía.

Frontera returned more than $144 million to shareholders via dividends and buybacks, also cutting senior unsecured notes principal by over 20%.

Frontera board chair Gabriel de Alba called the discovery another positive development for the company's "potentially transformational investments in Guyana."

If the block proves to have the "significant potential" that the company expects, Frontera could upgrade its exploration license to the development phase.

"This joint venture forms an important part of Frontera's plans to build growth for the future,” said Gabriel de Alba, chairman of the board of directors of Frontera Energy.