LONDON (Alliance News) - Frontera Resources Corp on Tuesday said it has signed a memorandum of understanding with UkrGasVydobuvannya, a subsidiary of Ukrainian energy company National Joint Stock Co Naftogaz of Ukraine.
The oil and has exploration and production company said the MoU furthers a joint effort established between itself and Naftogaz last year, which led to a strategic MoU being signed in July 2015.
The new MoU serves to create a more detailed framework of technical and commercial cooperation between Frontera and UGV in order to move towards implementation of joint work in specifically targeted upstream exploration and production projects in Ukraine, Frontera said.
"Ukraine represents a unique opportunity for meaningful growth in Europe with its significant underdeveloped and under-explored oil and gas potential such that, with joint initiatives like ours, it will accelerate its path toward becoming an important supplier of energy not only to its domestic markets, but also to greater Europe in years to come. With this in mind, we are very pleased to continue to advance our work with the forward-looking management of Naftogaz and UGV," Chairman and CEO Steve Nicandros said in a statement.
Shares in Frontera were trading down 0.9% at 0.56 pence on Tuesday morning.
By Karolina Kaminska; karolinakaminska@alliancenews.com @KarolinaAllNews
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