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Frontera Awarded Two Exploration Blocks in Ecuador's Intracampos Bid Round
Frontera Awarded Two Exploration Blocks in Ecuador's Intracampos Bid Round Canada ...
About this update from Frontera Energy Corporation
[{"type":"text","content":"\n\n\n\nFrontera Awarded Two Exploration Blocks in Ecuador's Intracampos Bid Round\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.prntac{\nTEXT-ALIGN: CENTER\n}\n\n\n\n\n\n\n\nCanada NewsWire\nTORONTO, March 13, 2019\n\n\n\nNew Country Entry Marks Continued Progress with Upstream Growth Strategy\nSuccessful Bids Further Consolidate Frontera's Strength in North Andean Region of South America\n TORONTO, March 13, 2019 /CNW/ - Frontera Energy Corporation (TSX:FEC) (\"Frontera\" or the \" Company\") and GeoPark Limited (NYSE:GPRK) (\"GeoPark\"), as part of a consortium (Frontera 50%, GeoPark 50%), are pleased to announce that they have been awarded production sharing contracts on two blocks in Ecuador's Intracampos Bid Round (the \"Bid Round\") offered by the Ministerio de Energia y Recursos Naturales No  Renovable, who will confirm the preliminary results by mid April 2019.\nThe Perico and Espejo blocks are prospective, low-risk exploration blocks located in Sucumbíos Province in the north-eastern part of Ecuador, in the Oriente basin, and have a total area of approximately 13,504 ha (33,369 acres), of which Frontera holds 6,752 ha net (16,685 acres), see map below.\nThe blocks were acquired under an initial four-year exploration period, with the option to extend the exploration period by an additional two years. The Company estimates that the total gross investment through the exploration phase, including the minimum work commitments and the additional exploration program offered, will be $64 million, or $32 million net to the Company.\nBoth blocks are covered with 3D seismic and are adjacent to multiple discoveries and producing fields. The Oriente basin is one of the most prolific petroleum systems in Latin America, currently producing more than 500,000 bbl/d and with access to excellent infrastructure with spare capacity and a well-developed service industry.\nRichard Herbert, Chief Executive Officer of Frontera commented: \"We are very pleased with the results of the Intracampos Bid Round and the acquisition of these high potential blocks as they were ou...