08:14 AM EST, 12/16/2024 (MT Newswires) -- Frontera Energy ( FECCF ) said Monday that its board approved a second substantial issuer bid for up to 3.5 million shares at $12.00 apiece or about $42 million.

The offer is expected to commence on Dec. 19 and remain open for acceptance until 5:00 p.m. (Eastern time) on Jan. 24.

The company said it plans to fund the share repurchases through available cash on hand.

Frontera said the offer is "an attractive and efficient means to return further capital to shareholders."

Frontera's shares dropped 4.2% last Friday to $7.63 on the TSX.