11 Jul 2017 08:43
Houston, Texas, U.S.A. - 11 July 2017
FRONTERA RESOURCES CORPORATION
(the "Company")
Changes in Organization
Frontera Resources Corporation (AIM: FRR), an independent oil and gas exploration and production company announces that, effective today, Steve C. Nicandros, a founder of the Company and Frontera's CEO since 1997 and Chairman/CEO since 2002, will step down and continue in the role of non-executive Chairman of the Board of Directors. The Company's Board has elected Zaza Mamulaishvili, Frontera's President and Chief Financial Officer, to succeed Mr. Nicandros as Chief Executive Officer and President. Mr. Mamulaishvili is also a founder of the Company and a member of its board of directors.
Additionally, Mr. Giorgi Kalandarishvili, Frontera's current Vice President, Finance and Administration, will become interim Chief Financial Officer.
The Company reiterates its earlier announced intent to hold shareholder update meeting in London over the next few weeks whereby the Company management will present its vision and plans on going forward. The Company will announce date, time and venue of this meeting by 14 July 2017.
Steve C. Nicandros commented:
"On behalf of our company's Board of Directors, we are very pleased to appoint Zaza as our next CEO. As a fellow founder and shareholder, Zaza has a passionate vision and an extensive understanding of our business. Now, as we advance to the next chapter of our company's history, I am very confident that he is uniquely qualified to lead our company to great success.
After 21 years of service, I will be stepping away from our day-to-day management. During this time, we have achieved many significant value creation milestones thanks to the hard work of Frontera's special people. Looking forward, I know that Zaza and our leadership team will take our Company to greater heights in the months and years ahead. Personally, having had the privilege to lead Frontera during the past two decades has been an honor and I am very proud of our people and their unwavering dedication to our Company, all of which has led to the successes that we have all achieved to date, positioning us now for a very exciting future."
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
Tim Thompson
+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) 20 3700 2512