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Frontera's $2.8 million net loss is an improvement over its $8.5 million net loss in Q1.

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.