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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'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 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.

"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.

Since the new Frontera emerged in November 2016, Frontera has made tremendous progress. The team has improved Frontera's performance and reputation, exited underperforming assets and agreements, driven down costs, and maintained a strong production and financial profile...

Petroleum producer Frontera Energy Corporation (TSX: FEC) last week announced responses to the lower oil price environment caused by excess global supply and the Coronavirus COVID-19 pandemic, including a reduction in the 2020 capital plan and acceleration of cost savings initiatives.