Frontera Announces Completion of Substantial Issuer Bid

Core Viewpoint - Frontera Energy Corporation has successfully completed a substantial issuer bid, purchasing 7,583,333 common shares at a price of $12.00 per share, totaling approximately $91 million, as part of its strategy to return value to shareholders [1][3]. Group 1: Shareholder Returns - Over the past twelve months, the company has returned more than US$144 million to shareholders through substantial issuer bids, dividends, and share repurchases [2]. - The company achieved an over 90% participation rate in its capital distribution strategy, indicating strong shareholder support [2]. Group 2: Share Buyback Details - The shares purchased represent approximately 9.77% of the total issued and outstanding shares as of July 10, 2025, with an aggregate purchase price of about $91 million [3]. - Following the cancellation of the purchased shares, approximately 70.06 million shares will remain issued and outstanding [3]. Group 3: Offer Participation - A total of 71,923,788 shares were validly tendered, and due to oversubscription, the tendered shares will be purchased on a pro rata basis, with shareholders receiving approximately 10.54% of their tendered shares [4]. Group 4: Payment and Tax Implications - Payment for the shares will be processed by Computershare Investor Services Inc. on July 18, 2025, in accordance with the offer and applicable law [5]. - The company estimates that shareholders who disposed of shares may not be deemed to receive a taxable dividend based on the estimated paid-up capital of $14.91 per share [6]. Group 5: Company Overview - Frontera Energy Corporation is involved in the exploration, development, production, transportation, storage, and sale of oil and natural gas in South America, with interests in 22 exploration and production blocks in Colombia, Ecuador, and Guyana [8].