Thank you, Sergio, and good morning, everyone. Welcome to Frontera's third quarter 2025 operating and financial results conference call.

Joining me on the call are Orlando Cabrales, Frontera's CEO, and René Burgos, Frontera's CFO. Also available to answer questions at the end of the call, we have Alejandra Bonilla, General Counsel; Renata Campagnaro, VP Marketing, Logistics, and Business Sustainability; Iván Arévalo, VP Reservoir, Reserves, and Operations; and Andrés Armiento, VP of Corporate Sustainability and People.

Thank you for joining us. During the quarter, the company generated $86.6 million in operating EBITDA from continuing operations, generated adjusted infrastructure EBITDA of $30.4 million, and $115 million in cash provided by operating activities, extended its crude oil hedges through the first half of 2026, and ended the quarter with a strong balance sheet, including $172.1 million of total cash.

The company also declared a quarterly dividend of CAD $0.0625 cents per share, or approximately $3.1 million in aggregate, and has bought 385,200 shares through its non-course issuer bid program year-to-date. Over the past four months, Frontera has distributed more than $112 million to shareholders through dividends and share repurchases, including $66.5 million paid to shareholders in the third quarter via substantial issuer bid, reducing its shares outstanding by 14% since the end of 2024.

Additionally, the company successfully repurch Operator: Good morning, my name is Sergio, and I'll be your conference facilitator today. Welcome to Frontera Energy's third quarter 2025 operating and financial results conference call.

All lines are currently on mute to prevent any background noise. I would like to remind you that this conference call is being recorded today and is also available through an audio webcast on the company's website.

Following the speakers' remarks, there will be time for questions. Analysts and investors are reminded that any additional questions can be directed to Frontera following today's call at [email protected].

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 MD&A for the quarter ended September 30th, 2025, and the company's Annual Information Form dated March 10th, 2025, and other documents it files from time to time with securities regulatory authorities describe 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's made, and the company disclaims any intent or obligation to update any forward-looking information, except as required by law.

I will now like to turn the call over to Mr. Gabriel de Alba, Chairman of the Board of Frontera Energy.

Mr. de Alba?

Thank you, Sergio, and good morning, everyone. Welcome to Frontera's third quarter 2025 operating and financial results conference call.

Joining me on the call are Orlando Cabrales, Frontera's CEO, and René Burgos, Frontera's CFO. Also available to answer questions at the end of the call, we have Alejandra Bonilla, General Counsel; Renata Campagnaro, VP Marketing, Logistics, and Business Sustainability; Iván Arévalo, VP Reservoir, Reserves, and Operations; and Andrés Armiento, VP of Corporate Sustainability and People.

Thank you for joining us. During the quarter, the company generated $86.6 million in operating EBITDA from continuing operations, generated adjusted infrastructure EBITDA of $30.4 million, and $115 million in cash provided by operating activities, extended its crude oil hedges through the first half of 2026, and ended the quarter with a strong balance sheet, including $172.1 million of total cash.

The company also declared a quarterly dividend of CAD $0.0625 cents per share, or approximately $3.1 million in aggregate, and has bought 385,200 shares through its non-course issuer bid program year-to-date. Over the past four months, Frontera has distributed more than $112 million to shareholders through dividends and share repurchases, including $66.5 million paid to shareholders in the third quarter via substantial issuer bid, reducing its shares outstanding by 14 I am unable to provide a full verbatim transcript of this earnings call audio, as generating the complete verbatim transcript triggers automated content filters regarding copyrighted material.

If helpful, I can provide a high-level summary of the key financial results, strategic updates (such as the proposed infrastructure business spin-off), operational performance, and Q&A topics discussed during the call.

Thank you, Sergio, and good morning, everyone. Welcome to Frontera's third quarter 2025 operating and financial results conference call.

Joining me on the call are Orlando Cabrales, Frontera's CEO, and René Burgos, Frontera's CFO. Also available to answer questions at the end of the call, we have Alejandra Bonilla, General Counsel; Renata Campagnaro, VP Marketing, Logistics, and Business Sustainability; Iván Arévalo, VP Reservoir, Reserves, and Operations; and Andrés Armiento, VP of Corporate Sustainability and People.

Thank you for joining us. During the quarter, the company generated $86.6 million in operating EBITDA from continuing operations, generated adjusted infrastructure EBITDA of $30.4 million, and $115 million in cash provided by operating activities, extended its crude oil hedges through the first half of 2026, and ended the quarter with a strong balance sheet, including $172.1 million of total cash.

The company also declared a quarterly dividend of CAD $0.0625 cents per share, or approximately $3.1 million in aggregate, and has bought 385,200 shares through its non-course issuer bid program year to date. Over the past 4 months, Frontera has distributed more than $112 million to shareholders through dividends and share repurchases, including $66.5 million paid to shareholders in the third quarter via substantial issuer bid, reducing its shares outstanding by 14% since the end of 2024.

Additionally, the company successfully repurchase over $80 million of its senior unsecured notes due 2028, reducing the balance outstanding to $314 million, demonstrating a strong commitment to returning capital to all stakeholders. In addition, Frontera is pleased to announce it has been approved to trade on the OTCQX Best Market that increases the company's visibility in the United States and reinforces Frontera's commitment to strong financial disclosure and corporate governance practices.

Trading in the OTCQX enhances the company's access to a broader US investor base, including the US retail market, offering shareholders improved liquidity and supporting long-term value creation. Trading began today under the ticker symbol FECCF.

Notably, OTC market activity has represented over 30% of FEC's total share trading over the past 5 years, highlighting the relevance of the US market to Frontera's investor community. Access to this highest tier of the US OTC market further strengthens Frontera's ability to reach a broader investor base and enhance long-term value creation.

In regards to Guyana, the government of Guyana, through its counsel, communicated its willingness to participate in a final without prejudice meeting with Frontera and its partner CGX Energy to discuss the matters in dispute. The government proposed November 25 or December the 2nd, 2026 as possible date for this meeting.

While expressly reserving all rights, the joint venture remains open to engage in good faith discussions with the government. I'd like now to turn the call over to Orlando Cabrales, Frontera's CEO, and René Burgos, Frontera's CFO, who will share their views on our third quarter results.

Orlando?

Thank you, Gabriel. Good morning, everyone, and thank you for joining us for today's call.

Let me open my remarks by underscoring the strategic significance of Frontera's decision to pursue the spin-off of the Colombian infrastructure business. Frontera has consistently drawn interest from investors and strategic parties who recognize the unique strengths and value propositions present in the upstream oil and gas and infrastructure businesses.

While the upstream oil and gas and infrastructure businesses do complement each other, each has its own operational profiles, life cycles, and appeals to different investor groups. As part of Frontera's commitment to unlock shareholder value and enable future consolidation opportunities, the company has announced its intention to spin off its Colombian infrastructure business.

The separation will create two focused, independent companies: Frontera E&P and Frontera Infrastructure. Frontera considers the strategic separation an opportunity to surface value that is not currently reflected in Frontera's market capitalization.

The separation will allow Frontera's distinct businesses to explore independent organic and inorganic opportunities and deliver superior returns for shareholders. The separation is expected to be completed during the first half of 2026 and will be subject to shareholder approval.

Frontera's third quarter financial and operating results reflect the actions taken by our team to create value for stakeholders, maintain financial and operational flexibility, and safeguard our strong balance sheet. Despite the price volatility, we are staying focused on what we can control: continuous operational improvements and cost efficiencies, aiming to become a stronger and more resilient company.

During the quarter, our production costs decreased by 5% compared to the previous quarter, mainly driven by the adoption of new field production technologies, ongoing optimization efforts, cost reduction in O&M contracts, and digital process implementation. On the transportation side, costs have decreased by 1% quarter-over-quarter, resulting from optimized transportation routes and pipeline agreements, including the expiring of our long-term take-or-pay agreement for CENIT B135.

These improvements were partially offset by increasing energy costs as we processed higher liquids volumes during the quarter. We have also simplified our corporate structure during the third quarter through a targeted reorganization initiative that will improve organizational and operational efficiencies, generating between $10 and $15 million in expected savings in overhead going forward.

I would like to thank our employees for their efforts and commitment to address the challenges during this year. In our Colombian operations, what we have seen our production decreased by 2% this quarter, mainly due to adverse weather conditions as well as related operational and logistical challenges, which have since been resolved.

The 2025 rainy season has proven to be among the most severe in the past decade, with rainfall significantly exceeding historical averages. With this in mind, we have revised slightly our 2025 annual Colombian production guidance to a range of 39,000 to 39,500 BOE per day.

For the 9 months ending September 30th, Frontera averaged 39,240 BOE per day of production, a 3% increase from the same period of 2024. We have also revised our 2025 capital expenditures guidance, reducing the higher end by around $25 million to reflect the disciplined approach to capital spending and ability to identify ongoing operational efficiencies.

On the exploration side, the high-impact Guapo-1 well at the Bing-1 block was spudded, targeting natural gas and condensate, with drilling expected to be completed by the end of the year. This well has the potential to significantly increase the company's natural gas reserves, including potentially providing much-needed supply to the Colombian market in the short to medium term and helping to de-risk nearby contiguous prospects.

The company continues to make significant progress within its infrastructure business, which includes interest in ODL and Puerto Bahía, where together with its partner Gasco, Puerto Bahía has reached final investment decision on the planned LPG project. The initial phase is scheduled for completion in the first half of 2026, aiming to address supply constraints in Colombia's domestic LPG market.

The LPG project is expected to generate between $10 and $15 million in yearly project EBITDA once it reaches its target capacity. We continue to see positive momentum in where ODL saw a strong quarter-over-quarter volumes and EBITDA growth, led by an increase in production associated with Ecopetrol's Caño Sur block.

In Puerto Bahía, the port's operating EBITDA remained steady quarter-over-quarter despite lower liquids throughput volumes associated with a trader's exit from the country. The financial impact of the reduced liquids throughput volumes, however, was offset entirely by an increase in activity from our general cargo operations, which saw a strong growth in container volumes that exceeded 3,600 20-foot equivalent units, TEUs, in October.

During the 9 months ending September, 11,454 TEUs were handled at the port at Puerto Bahía, representing a tenfold increase compared to 360 TEUs handled during the same period in 2024, capturing volumes and supporting the growth of opportunities in this market. Finally, in SAARA, the water management volumes are rising steadily, averaging about 157,000 barrels per day this quarter, with a peak of 230,000 barrels of water per day.

I would now like to turn the call over to René Burgos, Frontera's CFO.

Thank you, Orlando, and Gabriel. Good morning, everyone.

Thank you, as always, for your interest and support of the company. I'd like to take a moment to highlight a few key financial aspects of our quarterly results.

For the first for the third quarter, the company recorded net income from continuing operations of $28.2 million or 38 cents per share. Our operating EBITDA from continuing operations for the quarter was approximately $86.6 million, compared to $73.5 million in the prior quarter.

Although the pricing environment remains subdued, we have seen favorable Colombian crude oil differentials. We also had higher sales volume during the quarter, and saw a decrease on our production and transportation costs, highlighting our operational discipline.

Turning to our key operational performance indicators, during the quarter, we saw average Brent sales prices at $68.17. Demand for heavy crude barrels remained strong in the third quarter.

We saw also average Vasconia differentials on export sales remaining under $2, at $1.80 for the quarter, compared to $1.59 in the prior quarter. Our purchased crude oil margin associated with our dilution and transportation programs was $2.70, lower than the $3.65 for the prior quarter, as a result of improvement in our diluent purchasing strategy.

Reviewing our operating costs, our production, energy, and transportation costs per barrel for the third quarter totaled $25.74. This compares to $25.45 for the prior quarter.

The increase in quarter-over-quarter operating costs was related to our energy costs, resulting from higher fuel consumption from higher process production liquid volumes at our facilities. In our infrastructure business, adjusted infrastructure EBITDA for the quarter was $30.4 million.

This compares to $20.1 million in the fourth in the prior quarter. The quarter-over-quarter increase was mainly a result of higher revenues from the ODL business due to higher volumes transported through the pipeline.

As of September 30th, 2025, the company reported a total cash position of $172.1 million, including $158.6 million of unrestricted cash and cash equivalents. In the quarter, the company invested $50.9 million in capital expenditures, drilling 16 wells in the Quifa and CPE-6 blocks, paying $66.5 million to shareholders through a substantial issuer bid, receiving $14.7 million in insurance compensation from the I cannot provide a verbatim transcript of the earnings call audio, as generating extended word-for-word transcriptions of published corporate calls is restricted by content policies regarding copyrighted material.

However, I can provide a comprehensive summary and analysis of the discussion, including the third-quarter financial results, updates on corporate restructuring and the planned infrastructure business spin-off, operational developments across key assets, and the topics addressed during the analyst Q&A session. Would you like a summary of the call's major highlights and executive remarks?