Frontera Energy Corporation (TSX: FEC) (OTCQX: FECCF) reported first-quarter 2026 net income from continuing operations of $13.1 million USD and adjusted EBITDA of $28.5 million USD, as the Calgary-based company moves to close the sale of its Colombian exploration and production portfolio to Parex Resources Inc. (TSX: PXT) and reposition itself as a standalone Colombian infrastructure company anchored by its pipeline and port assets.

Total revenues from continuing operations were $26.8 million USD in the first quarter, compared with $26.9 million USD in the fourth quarter of 2025 and $25.1 million USD in the first quarter of 2025. Net loss for the period, including discontinued operations, was $15.4 million USD, reflecting a $28.5 million USD net loss from the Colombian E&P assets now classified as held for sale.

“In total, this strategy will have unlocked approximately $1.3 billion of capital for investors.” — Gabriel de Alba, Chairman of the Board, Frontera Energy Corporation

The Parex transaction

On April 30, 2026, Frontera shareholders approved a plan of arrangement under which Parex Resources, through a wholly-owned subsidiary, will acquire all of Frontera’s Colombian upstream business — including its oil and gas exploration and production assets, a reverse-osmosis water-treatment facility, and a palm-oil plantation. The transaction carries an enterprise value of $750 million USD. The cash purchase price consists of $500 million USD payable at closing, subject to customary adjustments, plus an additional $25 million USD contingent payment tied to specified development milestones to be achieved within 12 months of closing.

At the same shareholder meeting, investors approved a reduction of Frontera’s capital account of up to $647 million CAD (approximately $470 million USD) to fund a return of capital to shareholders from the net proceeds of the transaction. The Supreme Court of British Columbia issued its final order approving the arrangement on May 4, 2026. Closing remains subject to the satisfaction of remaining conditions and is expected in May 2026.

Chairman Gabriel de Alba said the company would retain roughly $50 million USD of cash to support growth opportunities at the remaining infrastructure business, including an LNG regasification project being developed in partnership with Ecopetrol (NYSE: EC) (BVC: ECOPETROL). “In total, this strategy will have unlocked approximately $1.3 billion of capital for investors,” de Alba said.

ODL pipeline drives cash flow

Frontera holds a 35 percent equity interest in the Oleoducto de los Llanos (ODL) crude oil pipeline, which connects the Rubiales, Quifa, Caño Sur, Llanos-34, and other production blocks to the Monterrey and Cusiana stations in the department of Casanare. ODL’s share of income contributed $14.2 million USD to Frontera in the first quarter, compared with $15.1 million USD a year earlier, with the year-over-year decline reflecting higher depreciation, amortization, and operating costs.

ODL transported 233,875 barrels per day in the first quarter of 2026 at an average tariff of $4.70 USD per barrel, compared with 236,387 barrels per day at $4.73 USD per barrel in the first quarter of 2025. The pipeline declared $185 million USD in total dividends, of which $64.7 million USD is net to Frontera. The company expects to receive those distributions during 2026 in installments of approximately 40 percent in the second quarter, 35 percent in the third quarter, and 25 percent in the fourth quarter.

Long-term debt at Frontera totaled $167.8 million USD at the end of the first quarter and is expected to decline to approximately $131 million USD by year-end 2026, primarily through scheduled amortizations and cash-sweep mechanisms tied to ODL cash flows. From May 2025 through December 2026, long-term debt is expected to fall by more than $100 million USD.

Puerto Bahía expands cargo mix

Puerto Bahía, the multipurpose maritime terminal located in Cartagena adjacent to the Bocachica access channel and near the Reficar refinery, generated $12.7 million USD in revenue in the first quarter of 2026, compared with $10.0 million USD in the same period a year earlier. The 150-hectare facility comprises a hydrocarbons terminal with nominal capacity of 2,672,000 barrels and a general cargo terminal. Frontera holds a 99.97 percent equity interest in the port.

General cargo growth offset weaker liquids volumes. The general cargo terminal handled 38,067 roll-on/roll-off (RORO) units in the first quarter, more than double the 18,223 units handled a year earlier, alongside 3,851 twenty-foot equivalent units (TEUs) of containerized cargo, up from 1,256 TEUs in the first quarter of 2025. Break-bulk volumes declined to 25,216 tons/m³ from 41,198 tons/m³. RORO dwell times shortened from 40 days to 31 days year over year.

The liquids terminal handled 36,937 barrels per day in the first quarter of 2026, down from 51,579 barrels per day a year earlier. Ecopetrol volumes accounted for 26,273 barrels per day, Frontera-related volumes for 7,389 barrels per day, and other third-party volumes for 3,275 barrels per day. The company attributed the decline mainly to lower third-party throughput and the absence of certain trading flows.

Operating costs at the port rose to $7.6 million USD in the first quarter from $5.0 million USD a year earlier, driven by increased infrastructure maintenance in the liquids terminal and higher cargo volumes in the general cargo facility.

LPG and LNG projects advance

Puerto Bahía’s liquefied petroleum gas (LPG) project began initial operations in March 2026, providing capacity to handle up to 10,000 tons per month. The terminal is targeted to become fully operational during the first quarter of 2028. Capital expenditures during the first quarter totaled $1.0 million USD, including $0.4 million USD for major tank maintenance and $0.3 million USD for the LPG project.

The company is also advancing an LNG regasification project at Puerto Bahía in partnership with Ecopetrol, intended to support Colombia’s domestic gas supply as domestic production declines. Frontera is also pursuing expansion of containerized cargo operations.

Discontinued operations

Following the execution of the arrangement agreement, the Colombian E&P assets are now classified as discontinued operations under IFRS 5. Colombian production averaged 36,700 barrels of oil equivalent per day in the first quarter of 2026, comprising 25,394 barrels per day of heavy crude, 8,653 barrels per day of light and medium crude combined, 5,706 thousand cubic feet per day of conventional natural gas, and 1,652 barrels of oil equivalent per day of natural gas liquids. That compares with 39,010 barrels of oil equivalent per day a year earlier.

The operating netback from the discontinued Colombian operations was $41.79 USD per barrel of oil equivalent in the first quarter of 2026, compared with $34.22 USD per barrel of oil equivalent in the first quarter of 2025, supported by a higher Brent reference price of $78.38 USD per barrel against $74.98 USD per barrel a year earlier.

Frontera retains exploration and development interests in Guyana through subsidiaries that include CGX Energy Inc. (TSXV: OYL), which is not part of the Parex transaction. The company’s go-forward portfolio will be anchored by the ODL pipeline stake and Puerto Bahía, with the infrastructure business generating approximately $77 million USD of distributable cash flow in 2025, according to the management information circular dated March 30, 2026.

Above photo courtesy Frontera Energy Corporation.

Vancouver-based Aris Mining Corporation (TSX: ARIS; NYSE: ARIS) reported preliminary first-quarter 2026 gold production of 74,300 ounces from its two underground mines in Colombia, representing a 6% increase over the fourth quarter of 2025 and a 36% increase compared to the same period a year earlier.

The company said it sold 74,800 ounces of gold during the quarter at an average realized price exceeding $4,860 USD per ounce, generating gold revenue of more than $360 million USD. That figure marks a 20% increase from Q4 2025 revenue of $301 million USD and more than double the $154 million USD reported in Q1 2025. The company reported a cash balance exceeding $470 million USD as of March 31, 2026, an increase of approximately $80 million USD from the end of the previous quarter.

“We expect Q1 2026 gold revenue to exceed $360 million, a significant increase from $154 million in Q1 2025 and $301 million in Q4 2025, driven by higher gold prices and increased ounces sold.” — Neil Woodyer, Chair and CEO, Aris Mining Corporation

The production gains were concentrated at Aris Mining’s Segovia operation in the department of Antioquia, which produced 66,600 ounces during the quarter, up from 63,100 ounces in Q4 2025 and 47,500 ounces in Q1 2025. The year-over-year increase of 40% at Segovia was driven primarily by a notable improvement in ore grade. The average gold grade processed rose to 12.41 grams per ton from 9.37 grams per ton a year earlier, a 32% increase, while the volume of ore processed increased 5% to 175,000 tons. Recovery rates held at 95.3%, compared to 96.1% in both the prior quarter and Q1 2025.

The higher grades offset a decline in throughput compared to Q4 2025, when the mine processed 201,000 tons at an average grade of 10.10 grams per ton. Aris Mining completed installation of a second mill at Segovia in June 2025, increasing processing capacity by 50% to 3,000 tons per day, and the company has indicated that the ramp-up at the operation is continuing.

At the Marmato mine in the department of Caldas, production totaled 7,800 ounces in Q1 2026, an increase from 6,700 ounces in Q4 2025 and 7,200 ounces in Q1 2025. Marmato processed 77,000 tons of ore at an average grade of 3.53 grams per ton during the quarter, compared to 75,000 tons at 3.12 grams per ton in Q4 2025. Recovery rates at Marmato declined slightly to 89.6% from 90.8% in the prior quarter.

Consolidated Production Summary

Growth Outlook

Neil Woodyer, the company’s chair and CEO, said production growth in 2026 is expected to be weighted toward the second half of the year. The company is building a new bulk mine and carbon-in-pulp (CIP) processing plant at Marmato, with first gold expected in Q4 2026. At steady state, the expanded Marmato operation is expected to produce approximately 200,000 ounces per year.

Together, the Segovia and Marmato expansions are expected to increase Aris Mining’s annual gold production to approximately 500,000 ounces. The two mines produced a combined 257,000 ounces in 2025.

Beyond its operating mines, Aris Mining is advancing the Soto Norte gold project in the department of Santander, Colombia, where environmental studies are being finalized for submission in Q2 2026 to initiate the licensing process. The company also holds the Toroparu gold project in Guyana, where a prefeasibility study is underway and a construction decision is expected in early 2027. These projects form part of Aris Mining’s longer-term objective of reaching approximately 1 million ounces of annual gold production, though that target includes estimates from a preliminary economic assessment for Toroparu that the company has cautioned are based on inferred mineral resources and are speculative in nature.

The company expects to report full Q1 2026 financial and operating results on or about May 6, 2026. The quarterly results contained in the April 7 announcement are preliminary and may differ from final figures.

Aris Mining is listed on the Toronto Stock Exchange and the New York Stock Exchange under the ticker symbol ARIS. Company filings are available through SEDAR+ and the US Securities and Exchange Commission.

Frontera Energy Corporation (TSX: FEC) announced a net loss from continuing operations of $663 million USD for the fourth quarter of 2025. This figure includes a non-cash impairment of $603 million USD related to the divestment of the company’s Colombian exploration and production (E&P) portfolio and a $17 million USD impairment regarding its Guyana interest. The company has scheduled a special meeting of shareholders for April 30, 2026, to vote on the divestiture of these assets to Parex Resources Inc. (TSX: PXT).

The definitive agreement for the divestiture establishes a firm value of approximately $750 million USD. The transaction includes up to $525 million USD in equity consideration. Following the completion of the sale, Frontera Energy Corporation intends to distribute approximately $470 million USD to shareholders, which equates to approximately CAD $9.18 per share. This distribution includes a $25 million USD contingent payment.

The divestment marks a strategic shift for the Calgary-based company as it transitions into an infrastructure-focused business model. The new structure is anchored by interests in the Oleoducto de los Llanos Orientales S.A. (ODL) pipeline and the Sociedad Portuaria Regional Puerto Bahía S.A. maritime terminal. For the full year of 2025, the infrastructure segment reported an adjusted EBITDA of $116.6 million USD and a distributable cash flow of $76.7 million USD.

“Frontera now enters its next phase as a more focused, cash-generative infrastructure company, well positioned to deliver durable returns.” — Gabriel de Alba, Chairman of the Board of Directors, Frontera Energy Corporation

A central component of this new strategy is the development of a potential liquefied natural gas (LNG) regasification project in partnership with Ecopetrol S.A. (NYSE: EC, BVC: ECOPETROL). Puerto Bahía has secured a take-or-pay agreement with Ecopetrol S.A., subject to certain conditions, for the project. The initiative is planned in two phases, starting with an initial capacity of approximately 126 million cubic feet per day (MMcfd), with projections to reach at least 300 MMcfd by 2029.

In terms of operational metrics for 2025, Frontera reported an average production of 39,011 barrels of oil equivalent per day (boed). The company recorded an operating EBITDA of $308 million USD for the year. Production costs averaged $9.23/boe, while energy costs were $5.49/boe and transportation costs reached $12.00/boe.

The year-end independent reserves assessment, conducted by DeGolyer and MacNaughton Corp, placed the company’s gross reserves at 94.4 million Boe for the 1P category and 133.8 million Boe for the 2P category. All of the company’s booked reserves as of December 31, 2025, are located within Colombia.

On the environmental and social front, the company reported that 70,162 tons of CO2 equivalent were absorbed through environmental compensation areas in 2025. Additionally, 35% of operational water was reused during the same period. The company also noted a total of $95.1 million USD in purchases from local goods and services suppliers.

Upon the anticipated closing of the arrangement in the second quarter of 2026, Frontera Energy will retain its midstream assets in Colombia and certain non-Colombian interests, including those in Guyana. The company expects to allocate $25 million USD from the sale proceeds to further fund its infrastructure business and strategic growth projects.

Baptiste is a Colombian biologist and academic recognized for her work in biodiversity conservation, sustainable development, and inclusion. She currently holds the position of Rector at Universidad Ean in Bogotá. Baptiste previously served as the Director of the Alexander von Humboldt Institute for Research on Biological Resources, Colombia’s national biodiversity research center. Her background includes engagement with environmental and social policy across Latin America, and she is a member of international advisory panels focused on climate action.

Ian Telfer, Chair of the Aris Mining Board, noted that the appointment is consistent with the company’s objectives related to environmental science, biodiversity management, and inclusive leadership, intending to apply this expertise to its mining operations in Colombia and Guyana.

Aris Mining was founded in September 2022 as a gold mining company focused on South America. The company’s business model combines generating cash flow from existing production with growth driven by asset expansions, exploration, and development projects.

Above photo: Brigitte Baptiste speaking at the Colombia Gold Summit (photo: Loren Moss)

The second mill was commissioned in late June, increasing the processing capacity from 2,000 tons per day (tpd) to 3,000 tpd. In July and August, milling rates averaged 2,415 tpd, a 22.5% increase from the average of 1,971 tpd in the first six months of 2025. Throughput reached approximately 3,000 tpd on multiple days in August.

Processed gold grades for July and August averaged 10.02 g/t Au. This rate reflects the use of the expanded processing capacity while maintaining gold grades.

Year-to-date gold production at Segovia as of August 31, 2025, totals 141,893 ounces, with 42,817 ounces produced in July and August. The company’s Marmato Narrow Vein zone contributed 4,936 ounces during the same period, bringing consolidated year-to-date gold production to 161,168 ounces. The company has maintained its full-year 2025 production guidance of 230,000 to 275,000 ounces.

Company and Project Information

Aris Mining, founded in September 2022, is a Latin America-focused gold mining company listed on the Toronto Stock Exchange (TSX) and NYSE American. The company operates two underground gold mines in Colombia: the Segovia Operations and the Marmato Complex, which collectively produced 210,955 ounces of gold in 2024.

With the Segovia expansion and the ongoing construction of the bulk mining zone at the Marmato Complex, Aris Mining is targeting an annual production rate of more than 500,000 ounces of gold.

Aris Mining also holds a 51% stake in the Soto Norte joint venture and owns the Toroparu gold/copper project in Guyana. A pre-feasibility study for Soto Norte has been completed, and a new Preliminary Economic Assessment (PEA) is underway for the Toroparu project.

Commissioning of the second ball mill at Segovia. Photo credit: Aris Mining/X.

The second quarter saw Frontera generate $76.1 million in operating EBITDA, with an adjusted infrastructure EBITDA of $27.1 million. The company reported a total cash balance of $197.5 million at the end of the quarter, having reduced its upstream net debt by 30%. Over the past year, Frontera has returned over $144 million to shareholders through dividends and share buybacks and has also decreased the outstanding principal amount of its senior unsecured notes by more than 20%.

In Colombia, the company highlighted increased total production, attributing it to enhanced processing capacity at its SAARA project, new flow lines in heavy oil fields, a successful well intervention program, and new natural gas production from the VIM-1 block. Production costs saw a 10.3% quarter-over-quarter decrease, while transportation costs fell by 5.7%, which the company credits to higher domestic wellhead sales.

Concurrent with its financial reporting, Frontera announced a shake-up at the board of CGX Energy. Orlando Cabrales has been appointed as the new chairman of the board, with Alejandra Bonilla and René Burgos Díaz joining as new directors. These appointments follow the resignation of Dr. Suresh Narine as executive director and co-chairman and Gabriel de Alba’s decision to step down as a director.

Analysis of Frontera’s Financial Position

Frontera’s second-quarter results present a mixed but cautiously optimistic picture for investors. The reported operating EBITDA of $76.1 million, while substantial, should be viewed in the context of a volatile global oil market. The company’s ability to reduce upstream net debt by 30% and maintain a strong cash position of $197.5 million demonstrates a disciplined approach to capital management, a crucial factor in navigating fluctuating commodity prices. The return of over $144 million to shareholders in the last twelve months through dividends and share repurchases signals confidence from management in the company’s cash flow generation capabilities.

However, the significant impairment charge of $56.4 million on the Corentyne block in Guyana, booked by its joint venture CGX Energy, casts a shadow over Frontera’s growth prospects outside its core Colombian operations. This impairment, effectively writing down the value of the asset to zero, reflects the ongoing uncertainty surrounding the joint venture’s license with the Guyanese government. For investors, this development heightens the risk profile of Frontera’s Guyanese exploration efforts and places greater importance on the performance and stability of its Colombian production and infrastructure assets.

The company’s focus on operational efficiencies in Colombia, leading to a 10.3% decrease in production costs, is a positive indicator. This suggests that Frontera is actively working to control expenditures and maximize profitability from its existing assets. The 5.7% reduction in transportation costs, driven by higher domestic sales, also points to a strategic shift that could mitigate logistical expenses and improve margins. The standalone infrastructure business, generating $27.1 million in adjusted EBITDA, provides a stable and growing source of revenue, partially insulating the company from the volatility of the upstream oil and gas sector.

Looking ahead, Frontera has adjusted its capital expenditure guidance downwards by approximately $20 million, reflecting a more conservative spending approach in the current oil price environment. The revised Operating EBITDA guidance of $320 – $360 million at a $70/bbl Brent price, and adjusted infrastructure EBITDA guidance of $110 – $125 million, provide a clearer, albeit more cautious, outlook for the remainder of the year. For investors, the key takeaways are Frontera’s solid operational performance and disciplined financial management in its core Colombian business, contrasted with the significant geopolitical and operational risks associated with its Guyanese venture. The company’s ability to amicably resolve the Corentyne block license issue with the Government of Guyana will be a critical factor in unlocking future value.

CGX Energy Board Changes and Guyana Dispute

The changes to the CGX Energy board are a direct consequence of the challenges faced by the Frontera-CGX joint venture in Guyana. Frontera, as the majority shareholder of CGX and the primary financial backer of the joint venture, is asserting greater control over the strategic direction of the company in light of the ongoing dispute with the Guyanese government over the Corentyne block license. The appointment of Orlando Cabrales, Frontera’s CEO, as the new chairman of the CGX Board, along with the addition of Frontera’s General Counsel, Alejandra Bonilla, and CFO, René Burgos Díaz, solidifies Frontera’s influence over CGX’s governance and decision-making.

The root of the issue lies in the differing interpretations of the Corentyne block’s license validity. While the joint venture maintains that its license is in good standing, the Government of Guyana has expressed its view that the license expired in June 2024. This disagreement has led to a standstill in exploration and development activities, culminating in the $56.4 million impairment charge. The Guyanese government has indicated it may consider a meeting with the joint venture in October 2025 to discuss the matter, but there is no guarantee of a favorable outcome.

Frontera’s decision to install its own executives on the CGX board is a clear signal that it intends to take a more direct and assertive role in resolving this dispute. The new board will be tasked with navigating the complex legal and political landscape in Guyana to either reach a negotiated settlement or pursue legal action to protect the joint venture’s interests. The resignations of Dr. Suresh Narine and Gabriel de Alba represent a changing of the guard, likely intended to bring a fresh perspective and a more aggressive approach to the negotiations.

The likely outcome of this board overhaul will be a more unified and Frontera-driven strategy for the Guyanese assets. This could involve intensified negotiations with the Guyanese government, a more robust legal challenge, or a strategic decision to cut losses and exit the Corentyne block if a viable path forward cannot be found. For investors in both Frontera and CGX, the board changes are a pivotal development. A successful resolution could unlock significant value from the Corentyne block’s multi-billion-barrel potential. Conversely, a failure to resolve the dispute could result in a permanent loss of the investment and a significant blow to both companies’ long-term growth ambitions in the highly prospective Guyana-Suriname basin. The new leadership at CGX faces a critical test in the coming months, with the future of the company’s most promising asset hanging in the balance.

Aruchara-4 Drilling Rig (CNW Group/NG Energy International Corp.)

The second mill is integrated with the existing plant infrastructure, utilizing shared circuits for crushing, flotation, leaching, and tailings filtration. The project was completed on schedule and within budget, with commissioning activities finalized in June 2025.

According to Neil Woodyer, CEO of Aris Mining, the expanded capacity at Segovia is anticipated to contribute to increased gold production in the second half of 2025. The company’s full-year 2025 gold production is projected to be between 210,000 and 250,000 ounces, an increase from 187,583 ounces produced in 2024. Aris Mining targets an annual production of 300,000 ounces from Segovia in 2026, contingent on underground development and an increase in mill feed from contract mining partners.

Aris Mining, established in September 2022, operates two underground gold mines in Colombia: the Segovia operations and the Marmato Complex. In 2024, these operations collectively produced 210,955 ounces of gold. With current expansion efforts, including the Segovia mill expansion and the construction of the Bulk Mining Zone at the Marmato Complex, Aris Mining is targeting an annual production rate exceeding 500,000 ounces of gold. Production at the Marmato Complex’s Bulk Mining Zone is expected to begin ramping up in the second half of 2026.

Additionally, Aris Mining operates the 51% owned Soto Norte joint venture, where studies are underway for a new, smaller-scale development plan, with results anticipated in Q3 2025. In Guyana, Aris Mining owns the Toroparu gold/copper project, for which a new Preliminary Economic Assessment (PEA) has been commissioned, with results also expected in Q3 2025.

Aris Mining states its intention to pursue partnerships within Colombia’s small-scale mining sector to facilitate what it describes as safe, legal, and environmentally responsible operations. The company also indicates a strategy to pursue acquisitions and other growth opportunities.

Second mill at the Segovia Operations. Photo and video credit: CNW Group/Aris Mining Corporation.

The company reported an 8% increase in total gold production compared to the 50,767 ounces produced in Q1 2024. Aris Mining stated that this production reflects operational momentum as it enters 2025. The commissioning of the expanded Segovia processing facility remains on track for the second quarter of 2025, with the company anticipating additional production growth in subsequent quarters.

Aris Mining has set its full-year 2025 production guidance between 230,000 and 275,000 ounces of gold. This guidance includes an expected production range of 210,000 to 250,000 ounces from Segovia and 20,000 to 25,000 ounces from the Marmato Upper Mine. The company noted that the Q1 2025 production figures provided in the release are approximate and may differ from the final results to be included in its 2025 interim financial statements and Management’s Discussion and Analysis (MD&A), which are expected to be released in early May 2025 and filed on SEDAR+ in Canada and with the US Securities and Exchange Commission (SEC) via EDGAR.

Neil Woodyer, CEO of Aris Mining, commented on the company’s performance, stating, “Q1 production came in slightly ahead of our budget target, reflecting a solid operational start to the year. With the expanded Segovia processing facility set to be commissioned this quarter, we are well on track to deliver on our full-year production guidance of 230,000 to 275,000 oz.”

Segovia Operations – Q1 2025 Operating Information:

Marmato Upper Mine – Q1 2025 Operating Information:

Founded in September 2022, Aris Mining is a gold mining company focused on Latin America. The company’s strategy involves current gold production and cash flow generation, coupled with growth through expansions of its operating assets and exploration and development projects. Aris Mining operates two underground gold mines in Colombia: the Segovia Operations and the Marmato Upper Mine, which together produced 210,955 ounces of gold in 2024.

The company is currently undertaking expansions at its Segovia mill, which is expected to ramp up production in the second half of 2025, and the new Marmato Lower Mine, which is anticipated to ramp up production in the second half of 2026. These expansions aim to increase Aris Mining’s annual production rate to over 500,000 ounces of gold.

Additionally, Aris Mining holds a 51% interest in the Soto Norte joint venture in Colombia. Studies are underway for a smaller-scale development plan, with results expected in mid-2025. In Guyana, the company owns the Toroparu gold/copper project, diversifying its asset portfolio.

Aris Mining also stated its intent to pursue partnerships within Colombia’s small-scale mining sector and to consider acquisitions and other growth opportunities.

Photo credit: Aris Mining.

According to initial calculations by Computershare Investor Services Inc., the depositary for the offer, approximately 73.18 million shares were validly tendered and not withdrawn, leading to an oversubscription. Consequently, Frontera expects to repurchase 3.5 million shares, representing about 4.33% of its outstanding shares as of January 23, 2025. Shareholders who tendered their shares will have approximately 4.78% of their tendered shares purchased by the company. Following the cancellation of these shares, Frontera anticipates having approximately 77.29 million shares issued and outstanding.

The final number of shares to be purchased, and the exact proration factor, are subject to verification by the depositary. Frontera plans to issue a press release detailing the final results upon completing this process. The terms will make payment for the shares accepted for purchase of the offer and applicable law, while shares tendered but not purchased will be returned to shareholders.

The terms and conditions of the offer are outlined in the offer to purchase and issuer bid circular dated December 19, 2024, available on SEDAR+. Frontera also intends to recommence purchases of shares under a new normal course issuer bid following the announcement of its fourth-quarter and year-end results.

Frontera Energy Corporation operates in the exploration, development, production, transportation, storage, and sale of oil and natural gas in South America, with interests in 22 exploration and production blocks in Colombia, Ecuador, and Guyana, as well as pipeline and port facilities in Colombia.

Headline Image: Frontera Energy’s oil operations in Quifa, Colombia. Photo Credit: Frontera Energy.

This increase has been observed over the last months of 2024 and the first weeks of 2025. In total, 61 cases of yellow fever were confirmed in 2024, with 30 resulting in death. This number exceeds the 58 reported cases of yellow fever, including 28 deaths, between 2022 and 2023 in Bolivia, Brazil, Colombia, and Peru. In January of this year, 17 additional cases were reported, with seven deaths.

While in 2024, cases were mainly concentrated in the Amazon region of Bolivia, Brazil, Colombia, Guyana, and Peru, in 2025, the disease has begun to spread to areas outside this zone, particularly to the state of São Paulo, Brazil, and the department of Tolima, Colombia. Peru has also reported a fatal case. PAHO warns that other countries could also be affected.

Yellow fever is a serious viral disease that can be fatal, especially in its more severe form. This increase in cases highlights the urgent need to intensify efforts to prevent the spread of the virus, strengthen clinical management (with an emphasis on early detection and treatment of severe cases), and improve epidemiological surveillance in high-risk areas.

PAHO reminds that vaccination remains one of the most effective tools for preventing and controlling yellow fever. In 2024, most of the cases reported were in people who had not been vaccinated. In this regard, PAHO urges countries to continue strengthening their vaccination programs and to take appropriate measures to inform and protect travelers heading to high-risk areas.

Given the changes in the patterns of virus transmission, PAHO stresses the need to maintain active surveillance, particularly in areas near affected zones, to detect any suspected cases early and ensure timely isolation and treatment.

Key recommendations:

• Enhanced surveillance: Rapidly detect any suspected cases, even in areas not traditionally affected.
• Universal vaccination: Ensure that at least 95% of people in high-risk areas are vaccinated.
• Laboratory diagnosis: Conduct virological diagnostics via PCR during the first 7 to 10 days of illness, or ELISA IgM in the convalescent phase, with careful interpretation due to cross-reactivity in areas with other circulating flaviviruses.
• Clinical management: Strengthen early detection and specialized monitoring of severe patients as a key measure to save lives.
• Preparedness for outbreaks: Review and update the national and subnational vaccine inventory to plan a rapid emergency response.

Since 1970, yellow fever has reemerged as a public health threat in the Americas. The disease is endemic in 13 countries and territories in the region, causing outbreaks and deaths. In 2014, the virus spread beyond the Amazon basin. Some attribute this spread to changes in the interaction between monkeys, mosquitoes, and humans.