Frontera returns Block 192 to Perupetro after completion of contract

Before the end of the temporary contract, signed in August 2015, between Frontera Energy and Perupetro for the administration and operation of Block 192 in Loreto, Frontera Energy returned the oil block to the state company.

Frontera issued a statement in which it states the following:

1. The contract for the operation of Block 192 was signed in August 2017 for two years. However, the term of the contract ends on February 5, the date on which the company returns the lot to Perupetro, its owner. 

2. This transfer has been officially coordinated with the state entity. 

3. Frontera Energy has honored its contractual commitments and will continue to comply with its social and environmental commitments. 

4. Regarding the environmental remediation of the events that occurred during the five and a half years of operation, the cleanup processes are more than 90% advanced. The completion of these works will take another two to three months. 

5. Payments for commitments with the native communities of the lot have been made by 90%. Frontera Energy will continue to execute them and close the pending agreements until they are fully terminated. 

6. The company has also complied with the payment of all its obligations with the various State entities that supervise hydrocarbon activities. Administrative processes that are still in progress will continue to be attended to. 

7. In these years, Frontera Energy has contributed to the regional economy through the generation of more than 5,000 direct and indirect jobs, of which 85% correspond to employment in the Loreto region, as well as the payment of the oil Canon and fund social close to 250 million soles; it was also a generator of income for the nation by delivering close to 1.7 million barrels in royalties for the State. 

8. Likewise, Frontera Energy has executed social responsibility programs for an amount close to 32 million soles in health, education, economic development, infrastructure, ethnic cultural strengthening, strengthening and development of indigenous leadership. In total, 8,408 inhabitants (1,748 families) of the 19 communities in the area of ​​lot 192 benefited. 

9. Frontera Energy thanks Perupetro and Peru for the opportunity given to operate the largest batch in the country, a task that Frontera Energy fulfilled following the institutional values ​​of transparency, operational efficiency, safety at work, care for the environment and good social relations. .