LONDON (Alliance News) - Frontera Resources Corp on Wednesday said it has made progress on the South Kakheti Gas Complex in Georgia and has significantly upgraded the gas-in-place estimate for the project.
Frontera said since it made an announcement of the resource potential of South Kakheti in October, further work has given a more detailed understanding of the gas-in-place potential of the project.
As result of the work, the company said up to an additional 52.5 trillion cubic feet of gas in place has been added to its previous estimate, bringing the total estimate up to 187.0 trillion cubic feet.
The company is now in the process of completing a second independent assessment of the project.
The group also said that together with the ongoing well operations at South Kakheti, the expansion of the existing processing facilities at the site has progressed and the company now expects this will bring daily gas production in excess of 7.0 million cubic feet per day during the first quarter of 2016.
Frontera shares were up 5.3% to 0.7 pence early Wednesday.
By Sam Unsted; samunsted@alliancenews.com; @SamUAtAlliance
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