Page 16 - LatAmOil Week 44 2021

LatAmOil NEWS IN BRIEF LatAmOil

Muisca cash calls. In addition, Frontera will pro-
vide M&P up to $6.0mn to be disbursed in 2022
in relation to outstanding commitments at COR-
15, subject to certain conditions. Following the
transaction, EMP and Frontera settled all mutual
obligations, removing an estimated $17.2mn in
Frontera minimum work commitments sub-
sequent to September 30, 2021, and providing
certain indemnities to M&P. With the closing of
this transaction, Frontera terminated a revolving
loan agreement, which required the Company to
support 100% of any future development costs in
the COR-15 license. Completion of this trans-
action supports Frontera’s ongoing efforts to
streamline its portfolio, reduce exposure to lia-
bilities and exploration commitments and focus
on its core assets.
At Quifa, current production is approximately licensing is complete and road construction is Frontera Energy, November 3 2021
16,300 bpd (including both Quifa and Cajua). underway in advance of spudding the Jandaya-1
Frontera drilled one new injector well and con- exploration well in the Perico block (Fron-
verted one inactive well into an injector well, tera 50% and operator GeoPark 50%) in early MOVES
which the Company expects will contribute to December 2021. In the Espejo block (Frontera
increased production volumes from the Block 50%, GeoPark 50% and operator) 3D seismic Ecopetrol reports
through year-end as water disposal volumes acquisition of 60 square km is expected to start
increase. Year to date, Frontera has drilled 13 in the fourth quarter. appointment of new
development wells at Quifa and the Company Peru: Remediation work in Block 192 and the
expects to drill an additional 10 development Z-1 block continues as the Company pursues its corporate VP of strategy
wells in the fourth quarter. exit from Peru. At the end of the third quarter,
At CPE-6, current production is approx- Frontera’s oil inventory in Peru was 480,200 bar- and new businesses
imately 5,000 bpd due to continued drilling rels. The Company expects to sell the remaining
and construction of additional water-handling oil inventory in Peru in 2022. Ecopetrol hereby reports that starting November
facilities. Administrative Tribunal of Cundinamarca 1, 2021, Nicolás Azcuénaga Ramírez has been
At Guatiquia, the Company successfully Approves Conciliation Agreement Between appointed as the new Corporate Vice President
completed the Coralillo-4 and Coralillo-5 wells Frontera, CENIT and Bicentenario, Pending of Strategy and New Businesses, taking over for
in the Coralillo field, which are producing over Formalities: On November 1, 2021, Frontera, Juan Manuel Rojas. Nicolás Azcuénaga is a busi-
720 bpd. A third well in Coralillo (Coralillo-9) is announced that the official webpage of the ness administrator from Colegio de Estudios
currently being completed. Colombian judicial branch reported that the Superiores de Administración (CESA), has a
On the VIM-1 Block (Frontera 50%, Parex Administrative Tribunal of Cundinamarca had diploma from Manchester University & Inter-
50% and operator) the Planadas-1 explora- approved the conciliation agreement between national Compliance Association and has more
tion well has been drilled to a measured depth Frontera, Cenit Transporte y Logística de than 20 years of work experience, 16 of them in
of ~13,700 feet in Cretaceous aged crystalline Hidrocarburos and Oleoducto Bicentenario the Oil and Gas industry.
basement. The well was drilled 6.3 kilometers de Colombia. Formalities are required in order The new Vice President has held leadership
west of the La Belleza-1 discovery well target- for the mentioned decision to be in full force positions for financial and commercial manage-
ing the limestones and sandstones of the CDO and effect. Consequently, the parties agreed to ment in different countries, such as Colombia,
Formation as well as the fractured basement sec- extend the deadline until November 30, 2021, to the United Kingdom and Brazil. In Ecopetrol
tion. The well was positioned 1,425 feet or 434.3 allow for the formalities to be completed. he has served as CFO for the Upstream Sub-
metres (true vertical depth) down dip of the La The approval of the “Conciliation Agree- sidiaries in the Corporate Vice Presidency of
Belleza-1 well and 1,140 feet or 347.5 metres ment” by the Administrative Tribunal of Cundi- Finance, where he has been responsible for the
above the regional structural closure in order to namarca fully resolves all outstanding disputes financial oversight of various transactions, such
test the possibility of a continuous hydrocarbon between the parties related to the Bicentenario as the acquisition by Hocol of the assets of the
column existing across the large Apure High Pipeline and the Caño Limón-Coveñas Pipeline Chuchupa Ballena assets, the acquisition of a
on the VIM-1 block. Gas shows were encoun- and terminates all pending arbitration proceed- strategic position in the Permian and the Gato
tered during drilling and a detailed logging pro- ings related to such disputes. do Mato asset in Brazil, among others. Since May
gramme is now underway to identify zones for Frontera and Etablissement Maurel & Prom 2021, he has been leading the team in charge of
potential testing. Complete Share Transfer: On October 22, 2021, Ecopetrol’s acquisition of the stake owned by
At the La Belleza discovery on VIM-1, the Frontera signed and closed a Sale and Settlement the Republic of Colombia through the Ministry
Joint Venture expects early gross production of Agreement, transferring to Etablissement Mau- of Finance and Public Credit in Interconexión
about 2,400 boepd (consisting of 1,400 bpd of rel & Prom (EMP) 49.999% of all issued and out- Eléctrica SA (ISA).
light crude oil per day and 6 mcf per day of con- standing shares of the Maurel & Prom Colombia The Company hereby thanks Juan Manuel
ventional natural gas) to commence in Novem- (M&P), an entity that holds 100% interests in the Rojas for his work and the achievements made
ber 2021. COR-15 and Muisca exploration licenses. As a for the Ecopetrol Group.
Ecuador: In Ecuador, environmental result, Frontera committed to fund $1.6mn in Ecopetrol, October 26 2021

P16 www. NEWSBASE .com Week 44 04•November•2021