Frontera Resources announces award of seismic contract for 2005 geophysical program in Georgia
Frontera Resources Corporation (London Stock Exchange, AIM Market – Symbol: FRR), an independent oil & gas exploration company operating in the country of Georgia, today announced the award of a contract to Global Geophysical Services, Inc. of Houston, Texas. Under the terms of the approximate $4 million contract, Global will acquire in 2005 more than 500 km of 2D seismic across several of Frontera’s business units within its onshore exploration and production operations in Georgia.
Steve C. Nicandros, Frontera’s Chairman and Chief Executive Officer, commented:
“We are very pleased to be working with Global Geophysical. The scheduled 2005 seismic acquisition program across our Taribani Field Unit, Basin Edge Play Unit and Mirzaani Field Area Exploration Unit will serve as the basis for our planned drilling programs in each of these areas next year. These drilling programs will enable us to access the significant exploration and undeveloped field potential associated with these areas that has been identified from our extensive historical technical analysis.”
As a result of awarding this important contract, Frontera remains on schedule for operations this year and within its projected 2005 work program and budget.
Frontera Resources Corporation is an independent Houston, Texas, U.S.A.- based international oil and gas exploration and production company whose strategy is to identify and operate 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 and gas from a 5,060 square kilometer area in eastern Georgia known as Block 12. For more information, please see www.fronteraresources.com.
For more information regarding Global Geophysical Services, Inc., please see www.globalgeophysical.com.
This release contains certain forward-looking statements, including, without limitation, expectations, beliefs, plans and objectives regarding the potential transactions and ventures discussed in this release, as well as reserves and future production. Among the important factors that could cause actual results to differ materially from those indicated by such forward-looking statements are future exploration and development results, availability of needed equipment and personnel, fluctuations in oil and gas prices, general economic conditions and the political situation in Georgia and neighboring countries. There is no assurance that Frontera’s expectations will be realized, and actual results may differ materially from those expressed in the forward-looking statements.
Citigate Dewe Rogerson (+44 20 7638 9571)