LONDON (Alliance News) - Frontera Resources Corp Friday said it has begun gas production operations at its Mtsare Khevi Gas complex in the country of Georgia.
The oil and gas exploration and production company said it has completed the commissioning of the gas gathering and transportation infrastructure at the Mtsare Khevi Field and has now begun production.
The gas will move through the company's new 14 kilometre transportation system, which should accommodate production from its existing wells nearby at a planned rate of roughly two million cubic feet per day of gas.
The Mtsare Khevi field includes gas targets found between 300 and 500 metres in depth with significant gas potential throughout the area of up to 1.2 trillion cubic feet of gas in place and up to 700 billion cubic feet of recoverable gas..
The company added that gas production from the field will contribute to an independent assessment of the complex's potential, due to take place during 2014.
Frontera Resources shares were up 18% to 0.735 pence, putting it in the top five AIM risers in early trading Friday.
By Tom McIvor; tommcivor@alliancenews.com; @TomMcIvor1
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