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Frontera Resources Says South Kakheti Work Progressing

Mon, 25th Apr 2016 08:43

LONDON (Alliance News) - Oil and gas company Frontera Resources Corp on Monday said work has advanced on its South Kakheti gas complex project in Georgia.

Operational and technical work on the project has progressed, Frontera said, with operations on the Udabno-2 well underway and set to continue into May.

The group has outlined a new 37-well plan for the project with a target of exploiting around 1 trillion cubic feet of gas.

"Our technical work at the South Kakheti gas complex continues to reveal a new and significant gas province within a broader regional fairway that is already the basis for the Southern Corridor's extensive gas infrastructure network to Turkey and Europe," said Frontera Chairman and Chief Executive Steve Nicandros.

Frontera shares were up 3.8% to 0.41 pence.

By Sam Unsted; samunsted@alliancenews.com; @SamUAtAlliance