Ecopetrol, Frontera, Hocol, Tecpetrol & Cepsa Issue Public Statement Regarding Blockades

Source: 2/6/2023, Location: South America

PUERTO GAITÁN (META), Colombia, Feb. 6, 2023 /CNW/ - Frontera Energy Corporation (TSX: FEC) ("Frontera" or the "Company"), Ecopetrol, Hocol, Tecpetrol and Cepsa, hydrocarbon companies that operate in Puerto Gaitán (Meta Department), express their deep concern about the serious social and economic consequences resulting from the blockade of the road that leads from Puerto Gaitán to the Rubiales village, which has already lasted 7 days, affecting the inhabitants of the department of Meta and the companies.

There are more than 5,332 workers in the sector and their families affected, in addition to those from other productive activities, whose rights to work and mobility are being violated, illegally preventing them from entering and leaving their work sites. The hydrocarbons industry stands in solidarity with them and with the other inhabitants of the area. Respect for the human rights of all of us who are part of the territory must be guaranteed.

The social and economic impacts are enormous, taking into account that the protesters are denying the provision of food and supplies, in addition to the necessary fuels for the continuous operation of the companies that are ceasing to produce more than 49,500 barrels of oil per day, to date.

Additionally, the impact on the oil operations in Meta is affecting the loading of the Cartagena and Barrancabermeja refineries, which puts at risk the supply of liquid fuels in Colombia and other countries to which we export.

As an industry, which is also a user of the Puerto Gaitán - Rubiales road, we respect the right to protest of the inhabitants of the area. However, we reject the illegal ways. For this reason, we invite the community, the departmental and local authorities, and the national government, to seek joint solutions that allow the blockade to be lifted and agreements to be reached in which the well-being of the department prevails.

Frontera Provides Operational Update On Quifa And CPE-6 Blocks
Frontera has reached its on-site storage capacity at Quifa and CPE-6 blocks and has temporarily shut-in approximately 11,500 boe/d of net production and has proactively suspended all of its construction and drilling activities in the area until further notice.

Frontera's foremost priority continues to be the health and safety of its employees, contractors and the communities it operates in with a key focus on protecting the environment. The Company is actively engaged in discussions with local and national authorities, other affected oil and gas companies, trade unions and associations to resolve the situation as soon as possible.

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.

Year-to-date to January 31, 2023, the Company has averaged approximately 42,200 boe/d (consisting of approximately 23,200 bbl/d of heavy oil, 16,800 bbl/d of light and medium crude oil, 6.5 mmcf/d of conventional natural gas and 1,200 bbl/d of natural gas liquids). Frontera is monitoring the ongoing situation and will provide updates as appropriate.

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