The Report Has Been Prepared In Accordance
With SASB, GRI, CDP and TCFD
Frontera Achieved 98% Of Its 2021 ESG
Goals
US$4.7 Million
Invested Benefiting More Than 46,000 People in Colombia, Ecuador and Peru
2022 Environmental, Social and Governance
Targets Announced
Frontera To Invest In Its First Photovoltaic
Plant At Its CPE-6 Block In Colombia To Reduce Energy Use, Costs and
Carbon Emissions
CALGARY,
AB, May 18, 2022 /PRNewswire/ - Frontera
Energy Corporation (TSX: FEC) ("Frontera" or the
"Company") today released its 2021 Sustainability Report
(the "Sustainability Report"), announced its 2022
environmental, social and governance ("ESG") targets and
reaffirmed its commitment to continue to develop and implement
meaningful actions to strengthen its ESG performance across its
business.
Orlando Cabrales, Chief
Executive Officer, Frontera commented:
"I am pleased to report that Frontera achieved 98% of its
2021 ESG goals and I am excited by the challenge of delivering our
2022 ESG goals and objectives. Frontera's ESG strategy is guided by
our values of integrity, respect, commitment, sustainability and
culture. We are building a sustainable future through operational
excellence and business integrity, caring for the health and safety
of our people and the communities where we operate, being
responsible with the ecosystems and the environment, and creating
value for our social setting."
Frontera's 2021 Sustainability Report report details Frontera's
sustainability challenges, the Company's performance against its
2021 ESG goals and publicly establishes its 2022 ESG objectives.
The 2021 Sustainability Report covers the period from January 1, 2021 to December 31, 2021 and has been prepared in
accordance with the Sustainable Accounting Standards Board (SASB),
Task Force on Climate-Related Financial Disclosures (TCFD), Carbon
Disclosure Project (CDP) and the Global Reporting Initiative (GRI),
the Global Compact, the Voluntary Principles on Human Rights and
Security, and the UN Sustainable Development Goals. Frontera has
voluntarily published annual Sustainability Reports since 2016 as
part of its continuous and transparent disclosure efforts to
highlight its ESG achievements and challenges.
Frontera's 2021 Sustainability Report can be accessed on the
Company's website at:
https://www.fronteraenergy.ca/sustainability-reports/
Highlights of Frontera's 2021 ESG performance
include:
Environment:
- Frontera neutralized 41% of its carbon emissions on average
through carbon credits.
- The Company planted 764 hectares of biological corridors to
preserve diversity and ecosystems.
Social:
- Frontera was awarded the Equipares Gold Seal from the Ministry
of Labour of Colombia for the
Company's commitment and efforts to close gender gaps in the
workplace and in the communities where it operates. The Gold Seal
is the highest recognition of the program and Frontera is the first
oil and gas company to receive this recognition.
- Frontera was certified by Great Place to Work ("GPTW")
as the only oil and gas company with an outstanding work
environment.
- Frontera was also recognized as one of best places to work for
women in Colombia among the 2021
GPTW ranking.
- The Company reduced its wage segregation index by 28% compared
with 2020.
- Frontera maintained its total recordable incident rate in 1.7,
and kept a safe and healthy work environment across its
operations.
- Frontera invested USD $4.7
million in 164 projects that benefitted more than 46,000
people in Colombia, Ecuador and Peru.
- The Company purchased US $40
million in local services.
Governance:
- Due to its leadership and commitment in ethics and compliance,
Frontera was first recognized by Ethisphere Institute in 2021 as
one of the 2021 World's most ethical companies. Ethisphere is a
global leader in defining and advancing the standards of ethical
business practices. Frontera was one of only three honorees in the
Oil & Gas, and Renewables category and joined 134 global
companies, from 22 countries and 47 industries recognized by
Ethisphere in 2021.
Frontera's 2022 Environmental, Social and Governance
Goals
As part of its 2021 Sustainability Report, Frontera published
its ESG goals for 2022. Frontera will report its progress in
achieving its 2022 goals in its 2022 Sustainability Report which it
anticipates publishing in May 2023. A
list of the Company's 2022 ESG goals are shown in the table
below.
Environmental
|
Social
|
Governance
|
Climate
Action
- Neutralize 50%
annual average emissions through carbon credits.
- Develop a solar
farm project at CPE-6
|
Health and
Safety
- Improve health and
safety indicators by 20% (TRIR target 1.40).
- Achieve "Honoris
Esmeralda" recognition from the Colombian Safety
Council.
|
Outstanding business
ethics
- Continuous ethical
and compliance improvement, evidenced by external evaluations
(Ethisphere).
|
Clean water and
sanitation
- Reduce water
average consumption in our operation by 20%.
|
Diversity, inclusion
and equality
- Implement women's
technical training program.
- Achieve 'Friendly
Biz' certification and a gender discrimination free
environment.
- Improve our 'Great
Place To Work' results towards the achievement of the Excellency
category.
|
Integral risk
management
- Integrate
ESG-related risks, factors and opportunities into operational risk
management for critical macro-processes.
|
Life &
Ecosystems
- Protect and
preserve 900 new hectares of biological connectivity corridors in
Casanare and Meta to protect 4 representative mammals like jaguar
and the giant river otter.
|
Community
engagement
- Increase local
goods and services purchases to $41 million through direct
contracting and subcontracting processes.
- Implement ethnic
and local women's entrepreneurship pilot project.
|
Cybersecurity
- Maintain a rate of
zero material cybersecurity incidents.
|
Responsible
consumption and production
- Recycle/Use at
least 15% of solid waste sent for final disposal.
|
|
|
About Frontera
Frontera Energy Corporation is a Canadian public company
involved in the exploration, development, production,
transportation, storage and sale of oil and natural gas in
South America, including related
investments in both upstream and midstream facilities. The Company
has a diversified portfolio of assets with interests in 34
exploration and production blocks in Colombia, Ecuador and Guyana, and pipeline and port facilities in
Colombia. Frontera is committed to
conducting business safely and in a socially, environmentally and
ethically responsible manner.
If you would like to receive News Releases via email as soon as
they are published, please subscribe here:
http://fronteraenergy.mediaroom.com/subscribe.
Corporate Presentation
See Frontera Energy's corporate presentation at:
https://www.fronteraenergy.ca/reports-presentations/
Social Media
Follow Frontera Energy social media channels at the following
links:
Twitter: https://twitter.com/fronteraenergy?lang=en
Facebook: https://es-la.facebook.com/FronteraEnergy/
LinkedIn: https://co.linkedin.com/company/frontera-energy-corp.
Advisories
Cautionary Note Concerning Forward-Looking
Statements:
This press release contains forward-looking information
within the meaning of Canadian securities laws. Forward-looking
information relates to activities, events or developments
that Frontera believes, expects or anticipates will or may
occur in the future. Forward-looking information in this
presentation includes, without limitation, Frontera's 2022 ESG
goals and expectations regarding the Company's 2022 Sustainability
Report.. All information other than historical fact is
forward-looking information.
Forward-looking information reflects the current
expectations, assumptions and beliefs of Frontera based on
information currently available to it and considers the experience
of Frontera and its perception of historical trends. Although
Frontera believes that the assumptions inherent in the
forward-looking information are reasonable, forward-looking
information is not a guarantee of future performance and
accordingly undue reliance should not be placed on such
information. Forward-looking information is subject to a number of
risks and uncertainties, some that are similar to other oil and gas
companies and some that are unique to Frontera. The actual results
of Frontera may differ materially from those expressed or implied
by the forward-looking information, and even if such actual results
are realized or substantially realized, there can be no assurance
that they will have the expected consequences to, or effects on,
Frontera. The annual information form of Frontera for the year
ended December 31, 2021, and
Frontera's management's discussion and analysis for the year ended
December 31, 2021, and quarter ended
March 31, 2022, and other documents
Frontera files from time to time with securities regulatory
authorities describe the risks, uncertainties, material assumptions
and other factors that could influence actual results and such
factors are incorporated herein by reference. Copies of these
documents are available without charge by referring to Frontera's
profile on SEDAR at www.sedar.com. All forward-looking information
speaks only as of the date on which it is made and, except as may
be required by applicable securities laws, Frontera disclaims any
intent or obligation to update any forward-looking information,
whether as a result of new information, future events or results or
otherwise.
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SOURCE Frontera Energy Corporation