Latest news with #Extended
Express Tribune
13-07-2025
- Business
- Express Tribune
IMF representative calls Pakistan's EFF performance 'strong'
IMF Pakistan's Representative Mahir Binici (left) at the Sustainable Development Policy Institute in Islamabad on July 13, 2025. Photo: APP The International Monetary Fund (IMF) has expressed satisfaction with Pakistan's economic progress, as its Resident Representative Mahir Binici described the country's performance under the Extended Fund Facility (EFF) as 'strong so far', Pakistan Television reported. 'Early policy measures have helped restore macroeconomic stability and rebuild investor confidence, despite persistent external challenges,' he said. Speaking during a guest lecture at the Sustainable Development Policy Institute (SDPI) on Sunday, Binici cited the successful completion of the first EFF review by the IMF Executive Board in May 2025 as a key milestone. Read More: Pakistan receives second IMF tranche of $1.02b Binici emphasised the importance of sustained structural reforms for Pakistan's long-term economic sustainability, especially in strengthening tax equity, improving the business environment, and encouraging private-sector-led investment. He noted that growth across the region is projected to strengthen in 2025 and beyond, but warned that geopolitical tensions, trade disruptions, and declining global cooperation continue to weigh on recovery efforts. The International Monetary Fund's Resident Representative for Pakistan, Mahir Binici has reaffirmed continued support for Pakistan's economic and climate reform agenda@IMFNews #RadioPakistan #News — Radio Pakistan (@RadioPakistan) July 13, 2025 Turning to climate resilience, Binici lauded Pakistan's efforts under the IMF's Resilience and Sustainability Facility (RSF), which supports countries addressing climate risks and meeting global environmental goals. Key RSF reforms for Pakistan include better public investment planning, efficient water resource management, disaster preparedness, and improved climate data infrastructure. 'Support through the RSF will not only strengthen Pakistan's climate resilience but also help unlock green investments and foster a more climate-conscious economic trajectory,' Binici said. SDPI Executive Director Dr Abid Qaiyum Suleri welcomed the IMF's ongoing engagement and highlighted the importance of dialogue and multilateral cooperation in promoting sustainable growth. Also Read: Delhi kisses the dust as IMF approves $2.4b Pakistan loan The session concluded with a policy discussion on fiscal and monetary frameworks, external financing buffers, and the evolving role of international institutions in supporting inclusive economic development. About 3 months ago, the IMF team had reached a staff-level agreement with the Pakistani authorities on the first review of the 37-month Extended Arrangement under the EFF, and on a new 28-month arrangement under the IMF's Resilience and Sustainability Facility (RSF) with total access over the 28 months of around $1.3 billion. Pakistan would continue fiscal consolidation to reduce public debt while creating space for social and development spending and reducing crowding out of private investment. Pakistan will also refrain from increasing current spending beyond that budgeted, indicating that no supplementary grants can be issued. The IMF's new climate facility is meant to scale up climate reform efforts to reduce vulnerabilities to natural disaster risks and to build climate resilience. In return for the loan, Pakistan has committed to strengthen public investment processes across all levels of government to prioritize projects that enhance disaster resilience, said Porter. The government will also improve the efficiency of scarce water resource usage, including through better pricing mechanisms, he added. Also Read: IMF approves $7 billion EFF programme for Pakistan It will enhance intergovernmental coordination on disaster financing; improve information architecture and disclosure of financial and corporate climate-related risks; and promote green mobility to mitigate significant pollution and adverse health impacts, said the IMF.
Business Recorder
01-07-2025
- Business
- Business Recorder
Pakistan's real GDP grows 2.68% in FY25
ISLAMABAD: Real GDP grew by 2.68 percent in fiscal year 2025, while inflation eased steadily, which is expected to remain within the range of 3-4 percent for June 2025, said Finance Division. The Division in its monthly 'Economic update and outlook June 2025' stated that cumulatively, Large Scale Manufacturing (LSM) declined by 1.5 percent during July-April fiscal year 2025, in contrast to a marginal growth of 0.3 percent recorded in the comparable period of last year. LSM showed a mixed performance in April 2025, registering a year on year (YoY) growth of 2.3 percent while contracting by 3.2 percent month-on-month (MoM) basis. The outlook for LSM in the coming months appears positive, supported by encouraging trends in high-frequency indicators such as cement dispatches and automobile sales. Fitch upgrades Pakistan's rating: macroeconomic stabilisation acknowledged It further stated that the country's economy continued growth momentum in fiscal year 2025, supported by strengthened macroeconomic fundamentals, prudent fiscal management, and improved external sector performance. Current account recorded a surplus of $1.81 billion, the fiscal deficit declined, and the primary surplus reached 3.2 percent of GDP in July-April fiscal year 2025. The ongoing International Monetary Fund (IMF) programs (Extended Fund Facility (EFF) and the Resilience and Sustainability Facility (RSF), along with upgraded credit ratings, bolstered policy credibility and investor's sentiment. The government remains committed to structural reforms focused on tax harmonization, energy pricing, and privatization, while also advancing climate action through dedicated initiatives to lay the foundation for inclusive and sustainable growth, it added. The uptake in loans to private sector businesses suggests rising production activities and improved investor confidence. On the external front, higher remittances and exports will continue to keep the current account in surplus for fiscal year 2025. The report did not include information about public sector development program (PSDP) releases. Credit flow to private sector registered Rs676.6 billion during July 1 to June 13, fiscal year 2025 against Rs323.5 billion in the comparable period of last year. In May 2025, YoY Consumer Price Index (CPI) inflation recorded at 3.5 percent, compared to 11.8 percent in May 2024. MoM, it has declined by 0.2 percent, following a 0.8 percent decrease in April and a 3.2 percent decline in May 2024. For the Kharif season 2025-26, the federal government has set targets of 2.2 million hectares for cotton cultivation area and 10.18 million bales for production. During July-April 2025, agricultural credit disbursement reached Rs 2,066.6 billion, an increase of 15.7 percent, moving steadily toward the annual target of Rs 2,572.3 billion. During July-April 2025, the increase in revenues outpaced the growth in expenditures, showing the effectiveness of ongoing consolidation efforts. Net federal receipts grew by 44.4 percent to Rs 8,124.2 billion during July-April 2025 from Rs 5,627.5 billion last year. The rise in revenues is primarily contributed by 68.1 percent growth in non-tax collections. Further, tax collection witnessed a significant increase, as in July-May fiscal year 2025, it grew by 25.9 percent to Rs 10,233.9 billion from Rs 8,125.7 billion last year. The increase is attributed to a 33.8 percent increase in FED, followed by a 27.0 percent increase in direct tax, a 26.5 percent increase in sales tax, and a 16.3 percent increase in customs. Total expenditure increased by 18.5 percent to Rs 12,948.3 billion during July-April fiscal year 2025 compared to Rs 10,922.5 billion last year. This growth in expenditure is driven by a significant increase in development spending, relative to moderate growth in current expenditures. Current spending grew by 17.8 percent, while PSDP expenditure increased by 40.6 percent. Overall, the fiscal deficit reduced to 3.2 percent of GDP during July-April 2025 from 4.5 percent last year. While primary surplus increased to Rs 3,648.9 billion (3.2 percent of GDP) during July-April 2025 from Rs 1,611.5 billion (1.5 percent of GDP) last year. With ongoing efforts, the fiscal deficit is expected to stay well below the level observed last year. The external account position continued to improve during July-May fiscal year 2025 on account of rising remittances and exports. The current account posted a $1.8 billion surplus, reversing the deficit of $1.6 billion last year. Goods exports rose 4 percent to $29.7 billion, while imports increased 11.5 percent to $54.1 billion, widening the trade deficit to $24.4 billion from $20.0 billion last year. Gains in key exports were observed in knitwear (14.5 per cent), garments (16.4 per cent), and bedwear (10.6 per cent). Increases in major imports were recorded in palm oil (26.3 per cent), electrical machinery (13.6 per cent), while crude oil imports decreased (1.7 per cent). Service exports grew 8.5 percent to $7.6 billion; imports rose 6.6 percent to $10.3 billion, resulting in a service trade deficit of $2.7 billion. IT exports increased by 18.7 percent to $3.5 billion. Remittances reached $34.9 billion, up 28.8 percent from $27.1 billion, led by inflows from Saudi Arabia (24.4 per cent share) and UAE (20.4 per cent). Net FDI recorded at $2.0 billion compared to $2.1 billion last year. Financial services sector attracted the highest FDI ($628.9 million), followed by power ($562.8 million), and oil & gas exploration ($265.6 million) attracted the most FDI. However, Foreign Portfolio Investment, private and public, recorded net outflows of $312.5 million and $311.9 million, respectively. As of June 13th, 2025, foreign exchange reserves stood at $17.0 billion, including $11.7 billion with the State Bank of Pakistan. The Monetary Policy Committee (MPC), in its meeting held on June 16, 2025, decided to maintain the policy rate at 11 percent, citing potential inflation risks, along with external imbalances and regional uncertainties. The MPC noted that while YoY inflation in May stood at 3.5 percent, it is expected to remain within the range of 5.0 to 7.0 percent in fiscal year 2026. During July 1stMay 30th fiscal year 2025, broad money (M2) grew by 6.3 percent, compared to 9.5 percent last year. This expansion was primarily driven by a sharp increase in Net Foreign Assets (Rs 1,279.2 billion compared to Rs 480.6 billion last year), while growth in Net Domestic Assets moderated to Rs 982.7 billion from Rs 2,460.3 billion a year earlier. Private sector credit demonstrated significant expansion, rising to Rs 831.8 billion, more than double the Rs 351 billion recorded in the corresponding period last year. In May 2025, the KSE-100 index performed well, gained 8,365 points and closed at 119,691 points at month end. Similarly, the market capitalization of PSX increased by Rs 982billion to close at Rs 14,503 billion. In May 2025, the Bureau of Emigration & Overseas Employment registered 59,995 workers, a 12.7 percent increase from 53,231 in April. The Pakistan Poverty Alleviation Fund, in partnership with 24 organizations, disbursed 18,525 interest-free loans worth Rs 894 million in May 2025. Since 2019, a total of 3.01 million loans amounting to Rs 117.61 billion have been provided. During July-April fiscal year 2025, Rs 411.56 billion was spent under the BISP, representing a 29 percent increase compared to last year, against an allocation of Rs 592.5 billion. Copyright Business Recorder, 2025
Business Recorder
01-07-2025
- Business
- Business Recorder
Monthly update by FD: FY25: real GDP grows 2.68pc
ISLAMABAD: Real GDP grew by 2.68 percent in fiscal year 2025, while inflation eased steadily, which is expected to remain within the range of 3-4 percent for June 2025, said Finance Division. The Division in its monthly 'Economic update and outlook June 2025' stated that cumulatively, Large Scale Manufacturing (LSM) declined by 1.5 percent during July-April fiscal year 2025, in contrast to a marginal growth of 0.3 percent recorded in the comparable period of last year. LSM showed a mixed performance in April 2025, registering a year on year (YoY) growth of 2.3 percent while contracting by 3.2 percent month-on-month (MoM) basis. The outlook for LSM in the coming months appears positive, supported by encouraging trends in high-frequency indicators such as cement dispatches and automobile sales. Fitch upgrades Pakistan's rating: macroeconomic stabilisation acknowledged It further stated that the country's economy continued growth momentum in fiscal year 2025, supported by strengthened macroeconomic fundamentals, prudent fiscal management, and improved external sector performance. Current account recorded a surplus of $1.81 billion, the fiscal deficit declined, and the primary surplus reached 3.2 percent of GDP in July-April fiscal year 2025. The ongoing International Monetary Fund (IMF) programs (Extended Fund Facility (EFF) and the Resilience and Sustainability Facility (RSF), along with upgraded credit ratings, bolstered policy credibility and investor's sentiment. The government remains committed to structural reforms focused on tax harmonization, energy pricing, and privatization, while also advancing climate action through dedicated initiatives to lay the foundation for inclusive and sustainable growth, it added. The uptake in loans to private sector businesses suggests rising production activities and improved investor confidence. On the external front, higher remittances and exports will continue to keep the current account in surplus for fiscal year 2025. The report did not include information about public sector development program (PSDP) releases. Credit flow to private sector registered Rs676.6 billion during July 1 to June 13, fiscal year 2025 against Rs323.5 billion in the comparable period of last year. In May 2025, YoY Consumer Price Index (CPI) inflation recorded at 3.5 percent, compared to 11.8 percent in May 2024. MoM, it has declined by 0.2 percent, following a 0.8 percent decrease in April and a 3.2 percent decline in May 2024. For the Kharif season 2025-26, the federal government has set targets of 2.2 million hectares for cotton cultivation area and 10.18 million bales for production. During July-April 2025, agricultural credit disbursement reached Rs 2,066.6 billion, an increase of 15.7 percent, moving steadily toward the annual target of Rs 2,572.3 billion. During July-April 2025, the increase in revenues outpaced the growth in expenditures, showing the effectiveness of ongoing consolidation efforts. Net federal receipts grew by 44.4 percent to Rs 8,124.2 billion during July-April 2025 from Rs 5,627.5 billion last year. The rise in revenues is primarily contributed by 68.1 percent growth in non-tax collections. Further, tax collection witnessed a significant increase, as in July-May fiscal year 2025, it grew by 25.9 percent to Rs 10,233.9 billion from Rs 8,125.7 billion last year. The increase is attributed to a 33.8 percent increase in FED, followed by a 27.0 percent increase in direct tax, a 26.5 percent increase in sales tax, and a 16.3 percent increase in customs. Total expenditure increased by 18.5 percent to Rs 12,948.3 billion during July-April fiscal year 2025 compared to Rs 10,922.5 billion last year. This growth in expenditure is driven by a significant increase in development spending, relative to moderate growth in current expenditures. Current spending grew by 17.8 percent, while PSDP expenditure increased by 40.6 percent. Overall, the fiscal deficit reduced to 3.2 percent of GDP during July-April 2025 from 4.5 percent last year. While primary surplus increased to Rs 3,648.9 billion (3.2 percent of GDP) during July-April 2025 from Rs 1,611.5 billion (1.5 percent of GDP) last year. With ongoing efforts, the fiscal deficit is expected to stay well below the level observed last year. The external account position continued to improve during July-May fiscal year 2025 on account of rising remittances and exports. The current account posted a $1.8 billion surplus, reversing the deficit of $1.6 billion last year. Goods exports rose 4 percent to $29.7 billion, while imports increased 11.5 percent to $54.1 billion, widening the trade deficit to $24.4 billion from $20.0 billion last year. Gains in key exports were observed in knitwear (14.5 per cent), garments (16.4 per cent), and bedwear (10.6 per cent). Increases in major imports were recorded in palm oil (26.3 per cent), electrical machinery (13.6 per cent), while crude oil imports decreased (1.7 per cent). Service exports grew 8.5 percent to $7.6 billion; imports rose 6.6 percent to $10.3 billion, resulting in a service trade deficit of $2.7 billion. IT exports increased by 18.7 percent to $3.5 billion. Remittances reached $34.9 billion, up 28.8 percent from $27.1 billion, led by inflows from Saudi Arabia (24.4 per cent share) and UAE (20.4 per cent). Net FDI recorded at $2.0 billion compared to $2.1 billion last year. Financial services sector attracted the highest FDI ($628.9 million), followed by power ($562.8 million), and oil & gas exploration ($265.6 million) attracted the most FDI. However, Foreign Portfolio Investment, private and public, recorded net outflows of $312.5 million and $311.9 million, respectively. As of June 13th, 2025, foreign exchange reserves stood at $17.0 billion, including $11.7 billion with the State Bank of Pakistan. The Monetary Policy Committee (MPC), in its meeting held on June 16, 2025, decided to maintain the policy rate at 11 percent, citing potential inflation risks, along with external imbalances and regional uncertainties. The MPC noted that while YoY inflation in May stood at 3.5 percent, it is expected to remain within the range of 5.0 to 7.0 percent in fiscal year 2026. During July 1stMay 30th fiscal year 2025, broad money (M2) grew by 6.3 percent, compared to 9.5 percent last year. This expansion was primarily driven by a sharp increase in Net Foreign Assets (Rs 1,279.2 billion compared to Rs 480.6 billion last year), while growth in Net Domestic Assets moderated to Rs 982.7 billion from Rs 2,460.3 billion a year earlier. Private sector credit demonstrated significant expansion, rising to Rs 831.8 billion, more than double the Rs 351 billion recorded in the corresponding period last year. In May 2025, the KSE-100 index performed well, gained 8,365 points and closed at 119,691 points at month end. Similarly, the market capitalization of PSX increased by Rs 982billion to close at Rs 14,503 billion. In May 2025, the Bureau of Emigration & Overseas Employment registered 59,995 workers, a 12.7 percent increase from 53,231 in April. The Pakistan Poverty Alleviation Fund, in partnership with 24 organizations, disbursed 18,525 interest-free loans worth Rs 894 million in May 2025. Since 2019, a total of 3.01 million loans amounting to Rs 117.61 billion have been provided. During July-April fiscal year 2025, Rs 411.56 billion was spent under the BISP, representing a 29 percent increase compared to last year, against an allocation of Rs 592.5 billion. Copyright Business Recorder, 2025
See - Sada Elbalad
26-06-2025
- Business
- See - Sada Elbalad
IMF Approves $834 Million in Support for Jordan
Israa Farhan The International Monetary Fund (IMF) has announced the release of about $834 million in funding for Jordan, aimed at supporting long-term economic reforms and enhancing resilience in critical sectors such as water and electricity. According to a statement from the IMF, Jordan will gain access to 611.78 million Special Drawing Rights (SDRs), equivalent to roughly $834 million, under two financial arrangements. The fund has completed the third review of Jordan's Extended Fund Facility (EFF) agreement, enabling immediate access to 97.784 million SDRs (about $134 million). Additionally, Jordan is set to receive $700 million through the Resilience and Sustainability Facility (RSF). This financial package is designed to help Jordan address long-term structural challenges in its utility sectors, bolster emergency public health responses, and enhance economic resilience. The RSF component, in particular, will support reforms that strengthen the country's external position and improve sustainability, the IMF said. Jordan has shown promising economic performance, achieving 2.5% growth in 2024 and continuing into 2025, surpassing earlier forecasts. This upward trend reflects the country's resilience amid regional instability and global economic pressures. In January 2024, the IMF's Executive Board approved a four-year Extended Fund Facility program for Jordan, with a total allocation of around $1.3 billion. The program focuses on advancing fiscal discipline, improving public sector efficiency, and fostering private sector-led growth. The IMF reaffirmed its commitment to working closely with Jordanian authorities to implement structural reforms that ensure long-term economic stability and social development. read more Gold prices rise, 21 Karat at EGP 3685 NATO's Role in Israeli-Palestinian Conflict US Expresses 'Strong Opposition' to New Turkish Military Operation in Syria Shoukry Meets Director-General of FAO Lavrov: confrontation bet. nuclear powers must be avoided News Iran Summons French Ambassador over Foreign Minister Remarks News Aboul Gheit Condemns Israeli Escalation in West Bank News Greek PM: Athens Plays Key Role in Improving Energy Security in Region News One Person Injured in Explosion at Ukrainian Embassy in Madrid News China Launches Largest Ever Aircraft Carrier Sports Former Al Zamalek Player Ibrahim Shika Passes away after Long Battle with Cancer Videos & Features Tragedy Overshadows MC Alger Championship Celebration: One Fan Dead, 11 Injured After Stadium Fall Lifestyle Get to Know 2025 Eid Al Adha Prayer Times in Egypt Business Fear & Greed Index Plummets to Lowest Level Ever Recorded amid Global Trade War Arts & Culture Zahi Hawass: Claims of Columns Beneath the Pyramid of Khafre Are Lies News Flights suspended at Port Sudan Airport after Drone Attacks Videos & Features Video: Trending Lifestyle TikToker Valeria Márquez Shot Dead during Live Stream News Shell Unveils Cost-Cutting, LNG Growth Plan Technology 50-Year Soviet Spacecraft 'Kosmos 482' Crashes into Indian Ocean
Cision Canada
02-06-2025
- Business
- Cision Canada
FRONTERA ENERGY CORPORATION ANNOUNCES INCREASE IN CONSIDERATION AND MAXIMUM TENDER AMOUNT, AND AMENDMENT TO CERTAIN OTHER TERMS OF THE TENDER OFFER AND CONSENT SOLICITATION FOR ITS OUTSTANDING 7.875% SENIOR NOTES DUE 2028
TORONTO, June 2, 2025 /CNW/ - Frontera Energy Corporation (TSX: FEC) (the " Company" or " Frontera") hereby announces the changes set forth below to the Company's previously announced cash tender offer (the "Offer") and consent solicitation (the "Solicitation") of its outstanding 7.875% Senior Notes due 2028 (the "Notes"), made upon the terms and subject to the conditions set forth in the Offer to Purchase and Consent Solicitation Statement dated as of May 9, 2025 (as amended prior to the date hereof, the " Offer to Purchase"). Capitalized terms used but not defined in this press release have the meaning set forth in the Offer to Purchase. As of May 30, 2025, Holders of U.S.$124,134,000 aggregate principal amount of the Notes had either tendered their Notes or provided their standalone Consents in the Offer and the Solicitation, as follows: (i) Holders of U.S.$73,266,000 aggregate principal amount of the Notes had tendered their Notes; and (ii) Holders of U.S.$50,868,000 aggregate principal amount of the Notes had delivered their standalone Consents. Summary of the amendments to the Offer and Solicitation: The Maximum Tender Amount will be increased from U.S.$65 million to U.S.$80 million (the " Amended Maximum Tender Amount"). The Consent Payment for consents validly delivered at or prior to 5:00 p.m, New York City time, on June 9, 2025 (the " Extended Early Tender Date and Consent Deadline") will be increased from U.S.$15.00 for each U.S.$1,000 principal amount of Notes to an aggregate amount of U.S.$8 million, to be divided pro rata among all tendering and consenting Holders (the " Amended Consent Payment") in the Offer and Solicitation in aggregate. Based on the percentage of the aggregate principal amount of Notes (i) that are validly tendered pursuant to the Offer and (ii) in respect of which standalone Consents are delivered pursuant to the Solicitation, the pro rata Amended Consent Payment will be approximately between U.S.$20.70 and U.S.$41.50 per U.S.$1,000 principal amount of Notes. The consideration for each U.S.$1,000 principal amount of Notes validly tendered at or prior to the Extended Early Tender Date and Consent Deadline, and accepted for purchase pursuant to the Offer, will be increased from U.S.$700.00 to U.S.$720.00 (the " Amended Tender Consideration"). Additionally, the Amended Tender Consideration will be modified such that Holders that validly tender their Notes and deliver their Consents at or prior to the Extended Tender Date and Consent Deadline and whose Notes are accepted for purchase will receive both the Amended Tender Consideration and the Amended Consent Payment. Holders who (i) validly tender their Notes at or prior to the Extended Tender Date and Consent Deadline, but whose Notes are not accepted for purchase due to oversubscription of the Offer and (ii) validly deliver Consents but do not validly tender their Notes at or prior to the Extended Tender Date and Consent Deadline, will only receive a pro-rata share of the Amended Consent Payment. For illustrative purposes only, the table below sets forth the approximate Amended Tender Consideration and Amended Consent Payment, as the case may be, that each Holder whose Notes are accepted for purchase pursuant to the Offer and/or who validly delivers its Consent pursuant to the Solicitation will be entitled to receive, subject to the terms and conditions of the Offer and the Solicitation, assuming certain overall participation scenarios: __________ (1) To be divided pro-rata among all tendering or consenting holders. (2) Per U.S.$1,000 principal amount of Notes. This is the approximate pro rata share of the Amended Consent Payment expected to be payable to each tendering or consenting Holder. U.S.$6 million principal amount of Notes held by the Company and U.S.$8 million principal among of Notes held by the Catalyst Funds (as defined below) shall be excluded from purposes of calculating the Requisite Consents and the pro rata share of the Amended Consent Payment.. (3) Per U.S.$1,000 principal amount of Notes. This is the approximate pro rata share of the Amended Consent Payment expected to be payable to each tendering or consenting Holder. U.S.$6 million principal amount of Notes held by the Company and U.S.$8 million principal among of Notes held by the Catalyst Funds (as defined below) shall be excluded from purposes of calculating the Requisite Consents and the pro rata share of the Amended Consent Payment. 4. The treatment of minimum authorized denomination and the acceptance of tenders in the event that the Amended Tender Amount is oversubscribed will be as follows: Subject to the Amended Maximum Tender Amount, if the principal amount of Notes, after applying proration, results in (i) an acceptance of Notes in a principal amount of less than U.S.$200,000 and/or (ii) Notes in a principal amount of less than U.S.$200,000 being returned to the applicable Holder, the Company will accept the relevant electronic tender instruction in full. Holders who (i) validly tendered and did not validly withdraw their Notes at or prior to 5:00 p.m., New York city time, on May 23, 2025 (the " Original Early Tender Date and Consent Deadline") and (ii) validly tender their Notes after the Original Early Tender Date and Consent Deadline but at or prior to the Extended Early Tender Date and Consent Deadline, and, in each case, whose Notes are accepted for purchase pursuant to the Offer, will be eligible to receive (a) both the Amended Tender Consideration and the Amended Consent Payment with respect to their Notes, subject to proration and certain conditions as set forth in the Offer to Purchase, and (b) accrued and unpaid interest from, and including, the last interest payment date for the Notes to, but excluding, the Tender Settlement Date (as defined below). There will be no Total Consideration, Tender Offer Consideration or Consent Payment (as each of such terms is defined in the Offer to Purchase). The amount of Notes that may be purchased in the Offer is subject to the Amended Maximum Tender Amount. Tendered Notes will be subject to proration, with the proration factor depending on the aggregate principal amount of Notes validly tendered at or prior to the Extended Early Tender Date and Consent Deadline. For the avoidance of doubt, all Notes tendered after the Original Early Tender Date and Consent Deadline and at or prior to the Extended Early Tender Date and Consent Deadline will be prorated equally in conjunction with all Notes tendered at or prior to the Original Early Tender Date and Consent Deadline. Pursuant to the terms of the Offer, Holders may not tender their Notes without delivering their Consents to the Proposed Amendments to the Indenture governing the Notes. Holders who (i) validly delivered and did not validly revoke their Consents at or prior to the Original Early Tender Date and Consent Deadline and (ii) validly deliver their Consents after the Original Early Tender Date and Consent Deadline but at or prior to the Extended Early Tender Date and Consent Deadline, will be eligible to receive the Amended Consent Payment, irrespective of whether or not they tendered their Notes. All the amendments to the Offer and the Solicitation set forth herein are for the benefit of the Holders. Any Notes validly tendered or Consents validly delivered after the Withdrawal Deadline, which occurred at 5:00 p.m., New York City time, on May 23, 2025, may not be withdrawn. Consummation of the Offer and the Solicitation and payment for the Notes tendered and Consents delivered is subject to the satisfaction of certain conditions set forth in the Offer to Purchase, including obtaining the Requisite Consents to the Proposed Amendments under the Indenture governing the Notes. Except for the Financing Condition, these conditions have not yet been satisfied in full, and the Company has the right, in its sole discretion, to amend or terminate the Offer and/or the Solicitation at any time, and settlement for all Notes tendered and consents delivered at or prior to the Extended Early Tender Date and Consent Deadline is contingent on the satisfaction or waiver of these conditions. Settlement for the Notes validly tendered (and not validly withdrawn) and for Consents validly delivered (and not validly revoked) in each case, at or prior to the Extended Early Tender Date and Consent Deadline, up to the Amended Maximum Tender Amount, is expected to occur on June 11, 2025 (the " Tender Settlement Date"), subject to the satisfaction or waiver of the conditions referred to above. The Company reserves the right to further increase or decrease the Amended Maximum Tender Amount at its reasonable discretion, although no assurance can be given that the Amended Maximum Tender Amount will be further increased or decreased. Settlement of all tendered Notes will be subject to proration as set forth herein and in the Offer to Purchase. Unless otherwise amended as expressly described above in this press release, the terms and conditions of the Offer to Purchase remain the same. The terms and conditions of the Offer and the Solicitation are described in the Offer to Purchase, as supplemented and amended by this announcement. The Offer and the Solicitation are made by, and pursuant to the terms of, the Offer to Purchase, as supplemented and amended by this announcement, and the information in this announcement is qualified by reference to the Offer to Purchase. Citigroup Global Markets Inc. and Itau BBA USA Securities, Inc. are acting as dealer managers for the Offer and solicitation agents for the Solicitation (the " Dealer Managers and Solicitation Agents"). The information and tender agent is Morrow Sodali International LLC, trading as Sodali & Co (the " Information and Tender Agent"). Requests for documentation should be directed to the Information and Tender Agent at the offer website: Questions regarding the Offer or the Solicitation should be directed to the Dealer Managers and Solicitation Agents at (212) 723-6106 (for Citigroup) or (212) 710-6749 (for Itaú BBA). This press release is neither an offer to purchase nor a solicitation of an offer to sell securities. The Offer and the Solicitation are being made only pursuant to the Offer to Purchase. None of the Company, the Dealer Managers and Solicitation Agents or the Information and Tender Agent makes any recommendation as to whether Holders should tender or refrain from tendering their Notes or delivering their Consents. Holders must make their own decision as to whether to tender Notes (and, if so, the principal amount of Notes to tender) and/or deliver Consents. Based on publicly available information, The Catalyst Capital Group Inc., which manages funds (the " Catalyst Funds") that hold approximately 40.97% of the common shares of the Company, exercises control or direction over U.S.$8 million principal amount of the Notes. As a result of the holdings of the Catalyst Funds, the Offer and the Solicitation are "related party transactions" of the Company as defined under Multilateral Instrument 61-101 – Protection of Minority Security Holders in Special Transactions of the Canadian Securities Administrators (" MI 61-101"). The Offer and the Solicitation will be exempt from the valuation and minority approval requirements of MI 61-101 pursuant to sections 5.5(a) and 5.7(a) of MI 61-101, respectively. The material change report dated May 15, 2025, filed by the Company in connection with the Offer and the Solicitation contains additional disclosure required under MI 61-101. The Company holds U.S.$6 million principal amount of the Notes. The Notes held by the Company are not subject to the Offer or the Solicitation. The Notes held by the Company and the Catalyst Funds will not be considered outstanding for purposes of calculating the Requisite Consents to the Proposed Amendments. About Frontera: Frontera Energy Corporation is a Canadian public company involved in the exploration, development, production, transportation, storage and sale of oil and natural gas in South America, including strategic investments in both upstream and midstream facilities. The Company has a diversified portfolio of assets which consists of interests in 22 exploration and production blocks in Colombia, Ecuador and Guyana, and in pipeline and port facilities in Colombia. Frontera's common shares are listed for trading in the Toronto Stock Exchange under the ticker symbol "FEC." The Company is committed to conducting business safely and in a socially and environmentally responsible manner. This news release contains forward-looking statements. All statements, other than statements of historical fact, that address activities, events or developments that the Company believes, expects or anticipates will or may occur in the future (including, without limitation, statements regarding the timing and terms of the Offer and Solicitation) are forward-looking statements. These forward-looking statements reflect the current expectations or beliefs of the Company based on information currently available to the Company. Forward-looking statements are subject to a number of risks and uncertainties that may cause the actual results of the Company to differ materially from those discussed in the forward-looking statements, and even if such actual results are realized or substantially realized, there can be no assurance that they will have the expected consequences to, or effects on, the Company. Factors that could cause actual results or events to differ materially from current expectations include, among other things: failure to meet all conditions of the Offer and Solicitation (including the receipt of the Requisite Consents); level of participation in the Offer and Solicitation; the newly imposed U.S. trade tariffs affecting over 50 countries and escalating tensions with China; the impact of the Russia-Ukraine conflict and conflict in the Middle East; actions of the Organization of Petroleum Exporting Countries (OPEC+); liabilities inherent with the exploration, development, exploitation and reclamation of oil and natural gas; uncertainty of estimates of capital and operating costs, production estimates and estimated economic return; uncertainties associated with estimating oil and natural gas reserves; failure to establish estimated resources or reserves; volatility in market prices for oil and natural gas; fluctuation in currency exchange rates; inflation; changes in equity markets; perceptions of the Company's prospects and the prospects of the oil and gas industry in Colombia and other countries where the Company operates or has investments; uncertainties relating to the availability and costs of financing needed in the future; the Company's ability to complete strategic initiatives or transactions to enhance the value of its securities and the timing thereof; the Company's ability to access additional financing; the ability of the Company to maintain its credit ratings; the ability of the Company to meet its financial obligations and minimum commitments, fund capital expenditures and comply with covenants contained in the agreements that govern indebtedness; political developments in the countries where the Company operates; the uncertainties involved in interpreting drilling results and other geological data; timing on receipt of government approvals; the inability of the Company to reach an agreement with the Government of Guyana in respect of the Company and its joint venture partner's interests in, and the petroleum prospecting license for, the Corentyne block; and the other risks disclosed under the heading "Risk Factors" and elsewhere in the Company's annual information form dated March 10, 2025 filed on SEDAR+ at Any forward-looking statement speaks only as of the date on which it is made and, except as may be required by applicable securities laws, the Company disclaims any intent or obligation to update any forward-looking statement, whether as a result of new information, future events or results or otherwise. Although the Company believes that the assumptions inherent in the forward-looking statements are reasonable, forward-looking statements are not guarantees of future performance and accordingly undue reliance should not be put on such statements due to the inherent uncertainty therein.
