08:41 AM EDT, 10/22/2024 (MT Newswires) -- Frontera Energy ( FECCF ) on Tuesday said that it has taken up and paid for 3.375 million common shares at $12 each under its substantial issuer bid for $40.5 million (US$30 million).

"Frontera remains focused on its commitment to generate value to shareholders, having returned approximately US$52 million in capital over the last 12 months," said chairman Gabriel de Alba.

The company will also restart share repurchases under its NCIB following the release of fiscal third quarter results and consider potential additional substantial issuer bids, de Alba added.

FEC closed down more than 2% at $8.10 yesterday.