Frontera Energy Corporation Provides Colombian Update CPE-6 Operations Temporarily Shut-In Production Guidance Maintained for the Year
June 03, 2021 at 07:58 am EDT
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Frontera Energy Corporation announced that due to road blockades in the municipality of Puerto Gaitan, Colombia, which have restricted the company's ability to transport its production by truck and deliver other essential operational supplies and support to its facilities, the Company has reached its on-site storage capacity and has temporarily shut-in approximately 3,600 boe/d of production at its CPE-6 operations. Year-to-date, the Company has averaged approximately 39,000 boe/d. At this time, the Company continues to maintain its production guidance of 40,500-42,500 boe/d for the year as it expects production volumes to increase in the second half of the year. Frontera's diverse Colombian portfolio enables the Company to generate value-focused production and cash flow from across its operations and its transportation and logistics infrastructure has lessened potential day-to-day impacts to its production. The Company is working with all levels of government and communities to understand and address local concerns and to resolve the blockades as quickly as possible. Frontera continues to monitor the situation and will provide updates on the situation when appropriate. Frontera continues to put the health and safety of its employees, contractors, service providers and communities first.
Frontera Energy Corporation is a Canada-based oil and gas company. The Company is involved in the exploration, development, production, transportation, storage, and sale of oil and natural gas in South America, including related investments in both upstream and midstream facilities. The Company has a diversified portfolio of assets with interests in 27 exploration and production blocks in Colombia, Ecuador, and Guyana, and pipeline and port facilities in Colombia. The Companyâs segments include Colombia, Ecuador, Guyana, Midstream Colombia, and Canada & Others. Colombia includes all upstream business activities of exploration and production in Colombia. Ecuador includes all upstream business activities of exploration and production in Ecuador. Guyana includes exploration and infrastructure. Midstream Colombia includes the Companyâs investments in pipelines, storage, port, and other facilities relating to the distribution and exportation of crude oil products in Colombia.