Tag

Frontera executes $750 million USD divestment of Colombian E&P assets, pivoting to infrastructure focus and LNG regasification venture with Ecopetrol.

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

Frontera Energy repurchased up to $42M CAD shares at $12 CAD each, concluding its substantial issuer bid on Jan 24, 2025.

"Frontera's first quarter results were in-line with our expectations despite some unforeseen challenges," said Frontera CEO Orlando Cabrales.

All shareholders of record at the close of business on January 3 will be eligible to receive the dividend.

Frontera Energy said future moves "may include accelerating or increasing share buyback programs, dividend payments, and investments."

The find came at the Acorazado-1 exploration well and marked the Canadian oil company’s fourth discovery in 2018.

The next step for the well will be to run and cement a liner in preparation for further testing, which is expected to take “several weeks,” said Frontera.

The Canadian oil company plans to buy back $250 million USD in previously issued notes, with the remainder going to “general corporate purposes."

Following an initial eight-month term, the credit facility is expected to be extended to two years “upon satisfaction of certain extension conditions."