Frontera Resources Corporation (symbol: FRR), an independent oil & gas exploration company operating in Georgia, today announced the appointment of Mr. Luis E. Giusti L. (age 60) as an independent non-executive director of the Company with effect from 5 April 2005.
Mr. Giusti has been an External Director of Shell Transport and Trading since September 2000 and is a member of the Carlyle-Riverstone Advisory Board, as well as the Stanford Financial Group Advisory Board.
Mr. Giusti is internationally renowned as an advisor and commentator on global affairs and energy issues. He is presently a Senior Adviser to the Center for Strategic and International Studies and a Director of the Energy Institute of the University of Houston and the Maguire Energy Institute of Southern Methodist University. He is also a member of the International Energy Agency’s Expert Panel.
Since 1976, Mr. Giusti has played a leading role in the development of the Venezuelan oil industry, becoming Chairman and CEO of Petroleos de Venezuela, S.A. in 1994, a post he held until 1999.
Over his career, Mr. Giusti has received numerous accolades and awards including 1997 World Oil Executive of the Year and Latin American Oil Executive of the Decade.
Steve Nicandros, Chairman and Chief Executive of Frontera Resources, said:
“I am delighted that Luis Giusti is joining Frontera. His vast international oil & gas experience will be of immense value to Frontera as we carry out our business in Georgia and grow our company.”
The Company advises that there are no further details relating to the appointment of Mr. Giusti which it is obliged to disclose under Schedule Two paragraph (f) of the AIM rules.
Frontera Resources Corporation (+1 713 585 3200)
Randy Theilig, Chief Financial Officer
Citigate Dewe Rogerson (+44 207 638 9571)
Notes to Editors
Frontera Resources Corporation is an independent US-based international oil and gas exploration and production company whose strategy is to identify opportunities in emerging markets around the world.
Frontera was admitted to the Alternative Investment Market, operated by the London Stock Exchange, on 14 March 2005.
Frontera has operated in Georgia since 1997 where it holds a 100 per cent working interest in a production sharing agreement with the government of Georgia. This gives Frontera the exclusive right to explore for, develop and produce oil in a 5,060 square kilometer area in eastern Georgia known as Block 12.
Frontera is currently conducting exploration and production operations in Block 12, which contains a large inventory of existing fields and exploration prospects for new drilling. Frontera is now in a position to accelerate its exploration and production activities and to commence drilling operations in one of the existing fields and to commence an important new geophysical programme over a portion of the identified exploration portfolio. This will establish the basis for an aggressive exploration and production work programme to be carried out over the next three years.