PUERTO GAITÁN (META), Colombia, Feb. 6, 2023
/PRNewswire/ - 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.
About Frontera
Frontera Energy Corporation is a Canadian public company
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 32
exploration and production blocks in Colombia, Ecuador and Guyana, and pipeline and port facilities in
Colombia. Frontera is committed to
conducting business safely and in a socially, environmentally and
ethically responsible manner.
If you would like to receive News Releases via email as soon as
they are published, please subscribe here:
http://fronteraenergy.mediaroom.com/subscribe.
Corporate Presentation
See Frontera's corporate
presentations at:
https://www.fronteraenergy.ca/reports-presentations/
Social Media
Follow Frontera's social media channels at the following
links:
Twitter: https://twitter.com/fronteraenergy?lang=en
Facebook: https://es-la.facebook.com/FronteraEnergy/
LinkedIn: https://co.linkedin.com/company/frontera-energy-corp
Advisories
Cautionary Note Concerning
Forward-Looking Statements
This news release contains forward-looking information within
the meaning of Canadian securities laws. Forward-looking
information relates to activities, events, or developments that the
Company believes, expects, or anticipates will or may occur in the
future. Forward-looking information in this news release includes,
without limitation, statements relating to the Company's commitment
to putting the health and safety of its employees, contractors,
service providers and the communities it operates in first;
statements relating to the Company's ongoing work with local
communities, area industry operators and all levels of government
to understand and address local concerns and to safely resolve the
blockades in a timely manner. All information other than historical
fact is forward-looking information.
Forward-looking information reflects the current
expectations, assumptions and beliefs of the Company based on
information currently available to it and considers the Company's
experience and its perception of historical trends, including
expectations and assumptions relating to: the extent and severity
of social unrest and blockades; commodity prices and interest and
foreign exchange rates; the current and potential impacts of the
COVID-19 pandemic, actions of the Organization of Petroleum
Exporting Countries, the impact of the Russia-Ukraine conflict, and the expected impact of
measures that the Company has taken and continues to take in
response to these events; the performance of assets and equipment;
reforms that may be undertaken by the Government of Colombia; the availability and cost of labour,
services and infrastructure; the development and execution of
exploration and development projects; the receipt of any required
regulatory approvals and outcome of discussions with governmental
authorities; and the success of the Company's hedging
strategy.
Although the Company believes that the assumptions inherent
in the forward-looking information are reasonable, forward-looking
information is not a guarantee of future performance and
accordingly undue reliance should not be placed on such
information. Forward-looking information is subject to a number of
risks and uncertainties, some that are similar to other oil and gas
companies and some that are unique to the Company. The actual
results may differ materially from those expressed or implied by
the forward-looking information, 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. The Company's annual information form dated
March 2, 2022, its annual
management's discussion and analysis for the year ended
December 31, 2021, and other
documents it files from time to time with securities regulatory
authorities describe the risks, uncertainties, material assumptions
and other factors that could influence actual results and such
factors are incorporated herein by reference. Copies of these
documents are available without charge by referring to the
Company's profile on SEDAR at www.sedar.com. All forward-looking
information speaks only as of the date on which it is made and,
except as may be required by applicable securities laws, the
Company disclaims any intent or obligation to update any
forward-looking information, whether as a result of new
information, future events or results or otherwise.
View original content to download
multimedia:https://www.prnewswire.com/news-releases/ecopetrol-frontera-energy-hocol-tecpetrol-and-cepsa-issue-public-statement-regarding-blockades-in-meta-department-colombia-301739303.html
SOURCE Frontera Energy Corporation