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The amendment affects shareholders who previously submitted odd lot tenders, requiring them to resubmit using updated forms.

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

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

"Frontera's ratings and outlook reflect its small and concentrated production profile and weak proved developed producing reserve life of 2.6 years as of year-end 2022," stated Fitch.

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

New exploration and drilling in Colombia and Ecuador came alongside the Canadian company's large Guyana discovery this quarter.

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

GeoPark's fossil fuel reserves have fallen below seven years, something Fitch says the firm would be unable to “dramatically reverse” within the next 12 months.

"Companies, civil society and governments must continue to work together for the conservation and restoration of our forests," said Nicole Schwab, director of 1t.org.

Frontera will also host an investor open house for analysts, investors, shareholders and bondholders on November 15 at its Bogotá offices.