Oil and gas exploration company Frontera Resources has completed drilling at the first well on its Mtsare Khevi field in the former Soviet republic Georgia and will begin new drilling operations shortly. Despite the well being drilled five days ahead of plan, investors showed their disappointment as the share price fell more than 14%. Analysis of the area indicated that around 22 metres of net pay had been drilled. A pumping unit is currently being installed, after which production will begin. The rig has now been moved to a second well, known as well-32, where drilling operations will begin mid-September. Well-32 is the second of twenty well programme set to take place of the next 24 months which is expected to exploit numerous reservoirs in the area. The company said: "The Mtsare Khevi Field, which Frontera operates with 100% interest, is located in the western portion of the Shallow Fields Production Unit and currently delivers approximately 90 barrels of oil per day from its shallow reservoirs. "Twenty new well locations have been identified for ongoing low-cost drilling, targeting both oil and gas reservoirs and providing for reservoir pressure support through three proposed water injection wells." The share price fell 14.10% to 1.68p at 15:38. NR