LONDON (Alliance News) - Georgia-focused oil and gas company Frontera Resources Corp saw its shares rise early Monday after it said it has received an independent assessment on the resource estimate for the Mtsare Khevi gas complex and for the Taribani Field complex.
Frontera said an independent assessment, carried out by Netherland, Sewell & Associates, has estimated up to 8.29 trillion cubic feet of gas in place prospective resources at Mtsara Khevi, with as much as 6.15 trillion cubic feet of recoverable prospective resources.
The drilling and workover programme at site is ongoing, with the expansion of its gas processing and sales transportation facilities underway.
At Taribani, an independent assessment has estimated up to 4.62 trillion cubic feet of gas in place prospective resources and 3.23 trillion cubic feet recoverable. Work on the drilling programme at Taribani is also ongoing.
"In addition to the meaningful value that Frontera's historical investments have identified associated with our oil-related assets, our ongoing technical work continues to evolve and confirm a very significant gas resource in Georgia, which is now confirmed by the independent reserve auditing firm of Netherland, Sewell & Associates," said Frontera Chairman and Chief Executive Steve Nicandros.
Frontera shares were up 28% to 1.4125 pence in early trade, one of the best performers in the AIM All-Share index.
By Sam Unsted; samunsted@alliancenews.com; @SamUAtAlliance
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