Frontera (FEC) gained over 40% Friday after announcing the US$622M sale of its Colombian E&P business...

… US$370M of which the company intends to distribute to shareholders post-close ($7.18 per share). Netting that out from Friday’s $9.40 close, the market values the remaining infrastructure business at ~US$100M ($2.22 per share)…

… which could prove conservative, at <1x management’s 2025 EBITDA guide.

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