Frontera Resources says full year loss narrows

Shares in Frontera Resources jumped after the oil and gas company reported slightly higher revenues and smaller losses.It said full year pre-tax losses had shrunk to $8.9m from $119.9m and revenues had edged up £77,205 to £7.5m. The company also said it continued to make progress in the planned development of its portfolio and operations.At the same time Frontera, which is based in Texas, announced a £795,000 drawdown on its standby equity distribution agreement with YA Global Master fund. This will result in the issue of 108m new shares which will start trading on July 3rd. Shares in Frontera were trading up 0.08p at 0.81p at 13.40.TB