TORONTO, Nov. 27, 2020 /CNW/ - Frontera Energy Corporation
(TSX: FEC) ("Frontera" or the "Company") and CGX
Energy Inc ("CGX"), the joint venture partners (the
"Joint Venture"), announce that their constructive and
collaborative discussions with the Government of Guyana have been concluded with respect to the
Corentyne block with a rescheduling of the Joint Venture's work
commitments regarding its Petroleum Prospecting License for the
Corentyne Block offshore Guyana.
The Joint Venture has remained committed throughout to
completing its exploratory commitments in full, despite operational
activities in Guyana being
severely affected for much of 2020 due to the COVID-19 pandemic,
delaying the Joint Venture's exploration activities. The Joint
Venture has been advised that the existing November 27, 2020 deadline for drilling the next
well will be extended to November 27,
2021 subject to documentation.
About Frontera:
Frontera Energy Corporation is a Canadian public company and a
leading explorer and producer of crude oil and natural gas, with
operations focused in South America. The Company has a
diversified portfolio of assets with interests in more than 40
exploration and production blocks
in Colombia, Peru, Ecuador and Guyana. The
Company's strategy is focused on sustainable growth in production
and reserves. Frontera is committed to conducting business safely,
ethically in a socially and environmentally responsible manner.
Frontera's common shares trade on the Toronto Stock Exchange under
the ticker symbol "FEC".
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Advisories:
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, statements regarding the ongoing impact of the
COVID-19 pandemic on the Company's operations, the Company's
exploration and development plans and objectives, and timing and
execution of definitive documentation 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: 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 OPEC and non-OPEC
countries and the procedures imposed by governments in response
thereto; the duration and spread of the COVID-19 pandemic and
its severity, the success of the Company's program to manage
COVID-19; uncertainties associated with estimating and establishing
oil and natural gas reserves and resources; liabilities inherent
with the exploration, development, exploitation and reclamation of
oil and natural gas; uncertainty of estimates of capital and
operating costs, production estimates and estimated economic
return; expectations regarding the Company's ability to raise
capital and to continually add reserves through acquisition and
development; the Company's ability to access additional financing;
the ability of the Company to: meet its financial obligations and
minimum commitments, fund capital expenditures and comply
with covenants contained in the agreements that govern
indebtedness; political developments in the countries where the
Company operates; the uncertainties involved in interpreting
drilling results and other geological data; geological, technical,
drilling and processing problems; timing on receipt of government
approvals; fluctuations in foreign exchange or interest rates and
stock market volatility and the other risks disclosed under the
heading "Risks and Uncertainties" in the Company's MD&A dated
November 3, 2020 and under the
heading "Risk Factors" and elsewhere in the Company's annual
information form dated March 5, 2020
filed on SEDAR at www.sedar.com.
Any forward-looking statement 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 statement, whether as a result of new
information, future events or results or otherwise. Although the
Company believes that the assumptions inherent in the
forward-looking statements are reasonable, forward-looking
statements are not guarantees of future performance and accordingly
undue reliance should not be put on such statements due to the
inherent uncertainty therein.
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SOURCE Frontera Energy Corporation