Frontera Resumes Operations at CPE-6 Five Rigs

Source: 6/7/2021, Location: South America

Frontera Energy Corporation is beginning preparations to restart production of approximately 3,600 boe/d at its CPE-6 operations in the coming days. 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 Puerto Gaitan, Colombia. Those blockades have now been lifted.

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 Llanos Basin in Colombia and the Company holds a 100% working interest. The CPE-6 exploration and production contract expires in January 2042. The boundary extension provides the Company with additional near-field exploration and growth opportunities adjacent to its existing and expanding CPE-6 facilities.

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