Frontera Resources Corporation (London Stock Exchange, AIM Market – Symbol: FRR), an independent oil & gas exploration and production company operating in the country of Georgia, today announced the commencement of its planned seismic acquisition operations in Georgia. In July, Frontera awarded a contract to conduct its 2005 seismic program to Global Geophysical Services, Inc. of Houston, Texas.
This year’s program involves the acquisition of approximately 500 km of 2D seismic across Frontera’s Basin Edge Play Unit, Mirzaani Field Area Exploration Unit, and Taribani Field Unit. These units are located within Frontera’s onshore exploration and production license in eastern Georgia known as Block XII. The objective of the seismic program is to enhance existing mapped prospects in each unit and establish the basis for selecting drilling locations for Frontera’s 2006 anticipated work program.
Global’s seismic crew, which includes four vibroseis trucks, was mobilized to eastern Georgia during the months of August and September and is now undertaking acquisition operations commencing with the Basin Edge Play Unit. This unit contains two large mapped exploration prospects with Jurassic, Cretaceous and Tertiary age reservoir objectives. Targeted reservoirs are anticipated to be situated at depths of between 2,000 meters and 2,500 meters. The reservoir engineering firm of Netherland, Sewell and Associates, Inc. has assigned unrisked resource potential in excess of 1 billion barrels of recoverable reserve potential to these two exploration prospects.
Steve C. Nicandros, Frontera’s Chairman and Chief Executive Officer, commented:
“We are pleased to have commenced acquisition operations of our planned seismic program in Block 12. The data acquired from this year’s geophysical program will serve to provide the focus for next year’s drilling program. This program will be designed to access the significant exploration potential we have thus far identified from a portion of our extensive inventory of undeveloped fields and undrilled exploration prospects within Block 12.”
Frontera’s seismic program remains on schedule 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 March 14, 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
For more information regarding Netherland, Sewell and Associates, please see
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.
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