Frontera Energy Corporation

Good morning, my name is Christina and I'll be your conference facilitator today. Welcome to Frontera Energy's first quarter 2022 operating and financial results conference call. All lines are currently on mute to prevent any background noise. This call is scheduled for 60 minutes. I would like to remind you that this conference call is being recorded today and is also available through audio webcast on the company's website. Following the speaker's remarks, there will be time for questions. Analysts and investors are reminded that any additional questions can be directed to the company at ir.fronterraenergy.ca. This call contains forward-looking information within the meaning of applicable Canadian securities laws relating to activities, events, or developments the company believes or expects will or may occur in the future. Forward-looking information reflects the current expectations, assumptions, and beliefs of the company based on information currently available to it. Although the company believes the assumptions are reasonable, forward-looking information is not a guarantee of future performance. Forward-looking information is subject to a number of risks and uncertainties that may cause the actual results of the company to differ materially from those discussed in the forward-looking information. The company's MDNA for the quarter ended March 31, 2022, and the company's annual information form dated March 2, 2022. And other documents it files from time to time with securities regulatory authorities describes the risks, uncertainties, material assumptions, and other factors that could influence actual results. Any forward-looking information speaks only as of the date on which it is made. and the company disclaims any intent or obligation to update any forward-looking information except as required by law. I would now like to turn the call over to Mr. Gabriel D'Alba, Chairman of the Board of Frontera Energy. Mr. D'Alba?

Thank you, Christina, and thank you, everyone, for joining today's conference call to review Frontera's first quarter 2022 operating and financial results. Joining me on today's call are Orlando Cabrales, Frontera's CEO, Alejandro Pineros, Frontera's CFO, and also available to answer questions at the end of the call, we have Victor Vega, VP of Field Development, Reservoir Management, and Exploration. Frontera continued to deliver strong performance results in the first quarter of 2022, in line with full-year production guidance of 40,000 to 43,000 barrels per day. and annual EBITDA guidance of $175 to $625 million at $90 per barrel rent. Frontera delivered EBITDA of $138 million in Q1. Importantly, due to the timing of cargo sales, which impacted volumes sold in the first quarter, Frontera accumulated a large inventory during the quarter, which would be sold in subsequent quarters. After our 2022 guidance issued earlier this year, we continue to forecast annual EBITDA guidance of $575 to $625 million at $90 per barrel brand. And I would note that every additional $10 barrel increase in brand price average for the year equals an estimate of approximately $100 million of additional EBITDA as the company has on capped exposure to higher oil prices. Frontera expects further operational momentum throughout the rest of the year, which will drive higher production and profitability in subsequent quarters. During the quarter, the company renewed its NCIB program for the purchase of up to 10% of the public float and is reviewing other opportunities to enhance shareholder returns. Also importantly during the quarter, Frontera was recognized for the second straight year by Episphere as one of the 2022 World's Most Ethical Companies. The company was certified by Great Place to Work as the only oil and gas company with an outstanding work environment. And Frontera was also recognized as one of the best places to work for women in Colombia among the 2021 GPTW ranking. I'm very proud of Frontera's board, management, and employees for their efforts in these areas. I'm pleased to acknowledge the national and international recognition the company has earned. Finally, on behalf of Frontera and CGX Joint Venture, I am pleased to invite all shareholders, stakeholders, investors, and media to attend a virtual information presentation hosted by senior operational and technical team members from Frontera and CGX on May the 9th at 11 a.m. Eastern Time. The Joint Venture will discuss the Guyana-Suriname Basin the offshore current time block, integrated CAWA I exploration well results, and insights ahead of the WAI-I exploration well. The joint venture appreciates the high level of interest in our Guyana activities, and we look forward to provide an update at our virtual presentation next week. I will now turn the call over to Orlando Cabrales, Frontera's CEO, and our CFO, Alejandro Pinheiros, who will share their views on the results.

Orlando. Thank you. Thank you.