Frontera Energy Corporation Provides Production Guidance for the Fourth Quarter and Full Year Ended December 31, 2023 and for the Full Year Ending December 31, 2024
February 15, 2024 at 08:09 am EST
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Frontera Energy Corporation provided production guidance for the fourth quarter and full year ended December 31, 2023 and for the full year ending December 31, 2024. The company estimated average daily production for the fourth quarter was approximately 39,267 boe/d. The lower production during the quarter was primarily the result of lower planned drilling activity, and natural declines in the Company's light and medium oil fields. See the table below for production by product type.
For the year 2023, the company expects Average Daily Production of 40,000 boe/d - 43,000 boe/d. Total production costs is expected to be $12.50 - $13.50.
For the year 2024, the company expects Average Daily Production of 40,000 boe/d - 42,000 boe/d. Total production costs is expected to be $8.50 - $9.50.
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.
Frontera Energy Corporation Provides Production Guidance for the Fourth Quarter and Full Year Ended December 31, 2023 and for the Full Year Ending December 31, 2024