10 Jan 2017 07:00
Press Release 10 January 2017
Frontera Resources Corporation
("Frontera" or "the Company")
Frontera Signs Concession Agreement Regarding Exploration, Production and Development of Hydrocarbon Resources with the Government of Moldova
Frontera Resources Corporation (AIM: FRR), an independent oil and gas exploration and production company, is pleased to announce that, on 2 January 2017, Frontera Resources International LLC, a fully-owned subsidiary of the Company, signed a Concession Agreement with the Government of Moldova (the "Concession Agreement") regarding the exploration, production and development of hydrocarbon resources in Moldova.
Pursuant to the terms of the Concession Agreement, Frontera has the exclusive right to explore for, produce and develop hydrocarbon resources within an area comprising approximately 3 million acres situated in the southern portion of the country. The overall term of the Concession Agreement is 50 years from the date of its execution, including an initial exploration phase of up to ten years. The Concession Agreement contains standard provisions relating to royalty, environmental protections and performance criteria. Frontera's exploration objectives in the country are to undertake extensive technical evaluation related to the onshore Dobrudga Basin.
Steve C. Nicandros, Chairman and Chief Executive Officer, noted:
"Frontera is very pleased to have concluded this important agreement with the Government of Moldova. With this new mandate, we look forward to bringing advanced technical resources to exploring the portion of the Dobrudga Basin that is situated within the southern portion of the country.
Overall, our agreement represents a new milestone of U.S. investment in Moldova's oil and gas sector and also signifies the commencement of a focused effort to help the country advance towards energy independence from its untapped natural resource potential."
This announcement contains inside information for the purposes of Article 7 of EU Regulation 596/2014.
Enquiries:
Frontera Resources Corporation
Jesse Jefferies
+1 (713) 585-3216
info@fronteraresources.com
Financial PR/IR:
Abchurch
George Robinson / Rebecca Clube
+44 (0) 20 7398 7700
fronterainfo@abchurch-group.com
Nominated Adviser
Cairn Financial Advisers LLP
Jo Turner/ Liam Murray
+44 (0) 20 7213 0880
Broker
Cornhill Capital Limited
Nick Bealer
+44 (0) 207 710 9610
Notes to Editors:
Frontera Resources Corporation is an independent Houston, Texas, U.S.A.-based international oil and gas exploration and production company whose strategy is to identify opportunities and operate in emerging markets in Eastern Europe around the Black Sea. Frontera Resources Corporation shares are traded on the London Stock Exchange, AIM Market - Symbol: FRR. For more information, please visit www.fronteraresources.com.
This release may contain certain forward-looking statements, including, without limitation, expectations, beliefs, plans and objectives regarding the transactions, work programs and other matters discussed in this release.