MARCH-04-2021: FRONTERA EARNINGS CALL Highlights:
- Richard Herbert, CEO of Frontera, will be stepping down from his position. De Alba mentioned that he will be spending more of his time, initially as an advisor, to focus on Guyana after March 15th.
- Frontera's 2021 budget for Guyana is for the 1 well commitment on Corentyne and expected to range between $40M to $90M. My read through here suggest the range accounts for a possible JV.
- No budget set for Demarara well campaign and will likely be part of the 2022 budget.
- $15 to $20M budget set for Berbice Port Construction this year.
In summary, De Alba looks like he is still committed to bring in a venture partner as the preferred path to unlock shareholder value and share risk.
Guyana is certainly the crown jewel asset for Frontera. Interest are aligned...