LONDON (Alliance News) - Frontera Resources Corp said Friday that talks for a potential farmout or joint operating agreement are continuing with two "industry majors".
The oil & gas exploration company said it has entered non-disclosure agreements with both parties and technical work and commercial discussions are "ongoing".
Furthermore, Frontera added that its subsidiary, Frontera International Corp, filed an action in the Grand Court of the Cayman Islands in relation to the loan notes issued to Outrider Master Fund LP in 2016 and due in 2020.
The court granted the company's request for an injunction regarding the security underlying the notes pending the outcome of the dispute.
"The company intends to vigorously assert its rights," it added.
Finally, with regards to the request for arbitration from Georgian Oil & Gas Corp and State Agency of Oil & Gas in respect to terms of the company's production sharing contract, Frontera said proceedings are "ongoing".
"The company remains confident of its standing and complete compliance with the production sharing contract," it added.
Frontera shares were trading down 5.1% at 0.38 pence each on Friday.
