25 May 2012

Georgian progress for Frontera

15/08/2008 Robert Tyerman

Frontera Resources reports buoyant crude oil sales from its Georgian operations, with no disruption as yet from current hostilities.

Based in Houston, Texas, and quoted on AIM, Frontera says revenues in the second quarter to June jumped from £300,000 to £1.5 million, though spending on exploration and evaluation of new fields produced a net loss of  £2.8 million for the three months in question. The company has a production sharing agreement with the government of Georgia over the 5,000 sq km ‘Block 12’ in the east of the country, which is around 100 miles from the trouble spots of South Ossetia and Abkhazia.

Frontera says the present hostilities between Georgia and Russia over these areas may interrupt and adversely affect its operations if military activity escalates and extends to Block 12. The company declares that it will, in that case, ‘take measures to secure worksites, assets and personnel’.

Floated three years ago at 150p, Frontera shares now trade at 74p, valuing the company at £54 million. For the brave.

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Sector: Oil & Gas Producers

Companies: Frontera Resources

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