Frontera Resources announces the listings of its common shares on the AIM Market of the London Stock Exchange
Houston, Texas USA (March 14, 2005) ? Frontera Resources Corporation announced today the completion of a US$81 million offering through an initial placement of shares of the company’s common stock in the United Kingdom. The common stock of Frontera is now admitted for trading on the AIM Market operated by the London Stock Exchange. The shares are traded under the following ticker symbol: “FRR”.
The company’s Chairman and Chief Executive Officer, Steve C. Nicandros, said that, “We are very pleased to have completed this placing and the admission to the AIM Market. It represents a very important step in Frontera’s growth strategy.”
Frontera holds a 100 per cent working interest in a production sharing agreement with the government of Georgia that 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.
“The completion of this offering provides Frontera with the ability to accelerate exploration and production activities in Block 12”, said Nicandros. “In the months ahead, our focus will be to commence drilling operations in one of the existing fields within our inventory, and to commence an important new geophysical program over a portion of our identified exploration portfolio. This will establish the basis for an aggressive exploration and production work program for our company over the next three years.”
Morgan Stanley acted as sole bookrunning manager and nominated advisor for this initial public offering.
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 has operated in Georgia since 1997.
For more information please contact:
3040 Post Oak Boulevard, Suite 730
Houston, Texas 77056
Phone: 713 585 3215
Fax: 713 585 3204
The information contained herein does not constitute or form part of an offer or solicitation of an offer to purchase or subscribe for securities for sale in the United States, Canada, Australia or Japan or any other jurisdiction. The securities referred to herein have not been and will not be registered under the United States Securities Act of 1933, as amended and may not be offered or sold in the United States or to of for the benefit of US persons unless they are registered or exempt from registration under applicable law or in transactions that are exempt from registration. No public offering of securities is being made in the United States.
This announcement is directed only at persons who (i) are outside the United Kingdom or (ii) are in the United Kingdom and either have professional experience in matters relating to investments or are high net worth companies, unincorporated associations etc for the purposes of Article 49 of the Financial Services and Markets Act 2000 (Financial Promotion) Order 2001 (all such persons together being referred to as “relevant persons”). This announcement must not be acted on or relied on by persons who are not relevant persons. Any investment or investment activity to which this announcement relates is available only to relevant persons and will be engaged in only with relevant persons. Stabilisation/FSA
This announcement does not constitute or form part of an offer, or any solicitation of an offer, for securities and any purchase of or application for shares in the placing should only be made on the basis of information contained in the formal admission document to be issued in connection with the placing. The price and value of, and income from, shares may go down as well as up. Persons needing advice should consult a professional adviser.
Morgan Stanley & Co. International Limited is acting for Frontera Resources Corporation and no one else in connection with the offering and will not be responsible to any other person for providing the protections afforded to its clients or for providing advice in relation to the offering.