Frontera Energy met its production target for 2017

Frontera Energy met its production target for 2017, reaching 71,015 barrels of oil equivalent per day (boe/d) as of December 31, after royalties and internal consumption, which was within the range stipulated by the company of between 70,000 and 75,000 boe/d.

• In 2017, Frontera Energy produced 71,015 barrels of oil equivalent per day (boe/d)
• For the first quarter of 2018, the company expects to produce between 70,000 and 72,000 boe/d.
• Frontera anticipates starting the drilling of between 40 and 50 wells in the first quarter of the year.
• The company would have at least nine active rigs in the first quarter of the year.

Frontera Energy met its production target for 2017, reaching 71,015 barrels of oil equivalent per day (boe/d) as of December 31, after royalties and internal consumption, which was within the range stipulated by the company of between 70,000 and 75,000 boe/d.

The Alligator 1x well, in the Guatiquía block, began drilling in September 2017 and reached a depth of 12,810 feet last November. It is producing between 200 and 300 bpd of 15-degree API, and currently, the company is seeking approval to combine the production of the two formations found. The results of this well have improved the company's understanding of the geological model of the block, and additional wells will be drilled on the same pad in 2018.

Frontera expects to deliver an average of between 70,000 and 72,000 boe/d in the first quarter of 2018, after royalties and internal consumption, assuming normal operating conditions. The company would have at least nine active rigs in the first quarter of the year: six in the heavy oil areas of Quifa, Cajúa, and Jaspe; and three in the Guatiquía block of light oil.

Frontera anticipates starting the drilling of between 40 and 45 development wells and five exploratory wells in the first quarter of the year. The exploratory efforts will focus on the Alligator 2x well in the Guatiquía block and the Acorazado well in Llanos 25, in Colombia; and on the Delphin well in the offshore Z1 block in Peru. The site preparation for the well in Llanos 25 is in progress, with the expectation of starting drilling in April.

Barry Larson stated: “2017 was a year of review and stabilization, 2018 is expected to be a year in which the company repositions itself for growth. Our teams are working hard to deliver continuous operational improvements from our existing production assets.”.