Regular transit in and out of the area has resumed and the Company has begun processing on-site inventory, rotating crews and delivering critical supplies to its CPE-6 location.
The Company's CPE-6 facilities had previously been shut-in due to road blockades in the municipality of
The Company appreciates the support provided by the government and communities to safely resolve the blockades. Frontera will continue to work with the communities, the government and other operators in the area to address on-going concerns.
The Company currently has five rigs across its portfolio including one at La Creciente, one in Quifa, one in Coralillo and two at CPE-6. In 2021, Frontera anticipates drilling 15 development wells and constructing additional water-handling facilities at CPE-6, which is expected to increase production from the block by approximately 40% compared to 2020.
CPE-6 Boundary Extension Authorized by the ANH
Frontera also announced today that Agencia Nacional de Hidrocarburos ('ANH') has agreed to extend the Hamaca Field by 115,869 net acres to the north of the current CPE-6 boundary area bringing the Company's total acreage position to 645,626 net acres. The CPE-6 block is located in the
About Frontera
Cautionary Note Concerning Forward-Looking Statements
This news release contains forward-looking statements. All statements, other than statements of historical fact, that address activities, events or developments that the Company believes, expects or anticipates will or may occur in the future (including, without limitation, the Company's exploration and development plans and objectives, including its drilling plans and the timing thereof, estimates and/or assumptions in respect of the Company's capital expenditure program (including the Company's guidance), production levels, costs, future income generation capacity and the ability of the Company to continue dialogue with the communities) are forward-looking statements. These forward-looking statements reflect the current expectations or beliefs of the Company based on information currently available to the Company. Forward-looking statements are subject to a number of risks and uncertainties that may cause the actual results of the Company to differ materially from those discussed in the forward-looking statements, and even if such actual results are realized or substantially realized, there can be no assurance that they will have the expected consequences to, or effects on, the Company. Factors that could cause actual results or events to differ materially from current expectations include, among other things: the extent and severity of social unrest and blockades; volatility in market prices for oil and natural gas (including as a result of a sustained low oil price environment due to the COVID-19 pandemic and the actions of
Contact:
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Email: ir@fronteraenergy.ca
Web: www.fronteraenergy.ca
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