Frontera Resources Releases First Half 2014 Financial Results
FRONTERA RESOURCES CORPORATION
Houston, Texas, U.S.A. – 30 September 2014
FRONTERA RESOURCES RELEASES FIRST HALF 2014 FINANCIAL RESULTS
Frontera Resources Corporation (London Stock Exchange, AIM Market – Symbol: FRR), an independent oil and gas exploration and production company (“Frontera” or the “Company”), today released financial results for the first half of 2014.
2014 Half Year Results: Highlights
– Revenues from crude oil and gas sales for 2014 totaled $3.3 million.
– Net loss of $5.6 million, or $0.002 per share on a fully diluted basis.
– Gas production operations ongoing at the Mtsare Khevi Gas Complex:
- – As a new competitor in the local gas market, delivery of gas to new customers from the Mtsare Khevi Gas Complex during the months of April through June equaled approximately 10.5 million cubic feet of gas, while production capability was in excess of 3 million cubic feet per day for the same period. From the 1 July 2014 to date, delivery of gas increased to 126 million cubic feet of gas as Frontera’s market share developed further. New customer sales and production capability are expected to continue to increase throughout the remainder of this year.
– Frac and workover/stimulation campaign underway at the Taribani Field.
– Plans underway to commence Phase I of the Varang Exploration farmout agreement at the Taribani Field.
– Crude oil production during the first half of 2014 equaled approximately thirty three thousand barrels of oil.
Steve C. Nicandros, Chairman and Chief Executive Officer commented:
“During the first half of 2014 the Company achieved several important value creation milestones associated with our work in the Taribani Field Complex and the Mtsare Khevi Gas Complex. In addition, we have continued to progress our initiatives across the balance of our portfolio. Accordingly, we now expect to see continued increased positive financial impact of this work as we progress through the second half of this year. This is an exciting time for our operations and I look forward to reporting on our continued progress in the weeks and months ahead.”
Frontera Resources Corporation
Vice President, Investor Relations and Corporate Communications
Nominated Adviser and Joint Broker:
Matt Goode/Christopher Raggett
+44 (0) 20 7220 0500
Cornhill Capital Limited
Nick Bealer / Stefan Olivier
+44 (0) 207 710 9610
+44 (0)20 7466 5000
Notes to Editors:
About Frontera Resources Corporation
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 opportunities and operate in emerging markets in Eastern Europe around the Black Sea. Frontera Resources Corporation shares are traded on the London Stock Exchange, AIM Market – Symbol: FRR. For more information, please visit www.fronteraresources.com.