(Frontera Energy, 15.Jan.2019) — Frontera Energy Corporation announced that as at January 14, 2019 it has repurchased for cancellation 2,062,885 shares at an average cost of C$14.20 per share for a total of C$29.3 million ($22.2 million).
A further 2,937,698 shares are available for repurchase under the terms of the amended Normal Course Issuer Bid. A dividend of C$0.33 per share is payable on January 17, 2019, to shareholders of record as of January 3, 2019.
The dividend reinvestment plan was taken up by 23.8% of shareholders of the company’s outstanding shares as of the record date. The company’s dividend policy is to pay a quarterly dividend of approximately $12.5 million during periods in which Brent oil prices sustain an average price of $60/bbl or higher. The declaration and payment of any specific dividend, the actual amount, the declaration date, the record date, and the payment of each quarterly dividend will be subject to the discretion of the Board of Directors.