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Frontera Announces Agreement to Resolve Outstanding Transportation Disputes in Colombia
Frontera Announces Agreement to Resolve Outstanding Transportation Disputes in Colombia ...
About this update from Frontera Energy Corporation
[{"type":"text","content":"\n \n \n \n Frontera Announces Agreement to Resolve Outstanding Transportation Disputes in Colombia\n \n \n /* Style Definitions */\nspan.prnews_span\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\na.prnews_a\n{\ncolor:blue;\n}\nli.prnews_li\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\np.prnews_p\n{\nfont-size:0.62em;\nfont-family:\"Arial\";\ncolor:black;\nmargin:0in;\n}\n \n \n \n \n \n \n Canada NewsWire\n \n \n TORONTO and BOGOTÁ, Nov. 17, 2020\n \n \n \n \n \n TORONTO\n \n and BOGOTÁ,\n \n Nov. 17, 2020\n \n /CNW/ - Frontera Energy Corporation (TSX: FEC) (\"Frontera\"), Cenit Transporte y Logística de Hidrocarburos S.A.S. (\"CENIT\") and Oleoducto Bicentenario de Colombia S.A.S. (\"Bicentenario\") separately announced today that they have reached an agreement for the joint filing of a petition for a binding settlement which, upon completion and approval by the competent Colombian court, will resolve all the disputes pending among them, related to the Bicentenario Pipeline (\"\n \n BIC\n \n Pipeline\") and the Caño Limón – Coveñas Pipeline (\"CLC Pipeline\"), and will terminate all the pending arbitration proceedings related to such disputes. All the Frontera subsidiaries involved in those proceedings are also parties to the agreement, and references to Frontera include such subsidiaries. All financial amounts in this news release are in\n \n United States\n \n dollars, unless otherwise stated.\n \n \n The parties consider that this transaction eliminates any uncertainty related to the potential outcomes of the disputes, thus protecting the interests of all the parties and those of their stakeholders. The settlement will also create new business opportunities for the parties involved.\n \n \n The settlement arrangement includes a full and final mutual release upon closing of all present and future amounts claimed by all parties in respect of the terminated transportation contracts for both the CLC Pipeline and the\n \n BIC\n \n Pipeline, and also in respect of certain related contracts involving the liabilities which are recorded by Frontera as Cost Under Terminated Pipeline Contracts. Further information about all those claims is contained in Frontera's Interim Financial Statements dated\n \n November 3, 2020\n \n .\n \n \n The transaction does not include any...