06:03 AM EDT, 08/06/2025 (MT Newswires) -- Frontera Energy ( FECCF ) late on Tuesday said it has agreed to sell a 50% working interest in the Perico and Espejo blocks in Ecuador for US$7.8 million, with an effective date of Jan. 1.

The agreement includes an additional contingent consideration of US$750,000, payable to Frontera when the Perico block achieves cumulative gross production of 2 million barrels as from Jan. 1.

The deal is scheduled to close by the second quarter of 2026, subject to customary closing conditions, including the receipt of regulatory approvals and operations takeover from the Ministry of Energy of Ecuador.

The assets in the deal averaged net oil production of about 1,000 barrels of oil equivalent per day for July.