Frontera Resources Regulatory News (FRR)

04 December 2017

Frontera Resources Corporation

("Frontera" or the "Company")

Mobilisation of Workover Rig to Dino-2 Well

Frontera Resources Corporation (AIM: FRR), the European focused oil and gas exploration and production company, is pleased to announce the mobilisation of a workover rig to the Dino-2 well site, situated inside the 800 square km Taribani Complex area located in onshore Block 12, Georgia.

The workover rig will execute operations including the removal of the production tubing, downhole pump and packer, cleaning the well and preparing it for the sidetracking/drilling operations which is scheduled to commence in January 2018.

Once operations are completed at Dino-2 well, it is intended that the workover rig will move to T-45 well site in Taribani Complex area in order to remove production tubing, downhole pump and packer and clean and prepare the well for deepening/drilling operations which is scheduled to commence in March 2018.

Dino-2 well will be drilled to a target depth of 2700m and, as previously announced on 10 October 2017, Zones 9, 14 and 15 of the Eldari reservoir will be stimulated and produced together. 

T-45 well will be extended to a target depth of 2700m and Zones 9, 14 and 15 of the Eldari reservoir will be stimulated and produced together, in a similar manner as Dino-2 well.

According to the estimates produced by Netherland, Sewell and Associates, Zones 9, 14 and 15 in Taribani Complex are estimated to have 689 million barrels of oil in place with 103.5 million barrels considered to be recoverable.

This announcement contains inside information for the purposes of Article 7 of EU Regulation 596/2014.

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About Frontera Resources Corporation

Frontera Resources Corporation is an independent, 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 .

1. Information on Resource Estimates: The independent contingent and prospective resources estimates contained in this announcement were determined by the independent consulting firm of Netherland, Sewell & Associates (NSA) in accordance with the definitions and guidelines set forth in the 2007 Petroleum Resources Management System (PRMS) adopted by the Society of Petroleum Engineers (SPE). 

2. 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. Exploration for oil is a speculative business that involves a high degree of risk. Among the important factors that could cause actual results to differ materially from those indicated by such forward-looking statements are: risks inherent in oil and gas production operations; availability and performance of needed equipment and personnel; the Company's ability to raise capital to fund its exploration and development programs; seismic data; evaluation of logs, cores and other data from wells drilled; inherent uncertainty in estimation of oil and gas resources; fluctuations in oil and gas prices; weather conditions; general economic conditions; the political situation and relations with neighboring countries; and other factors listed in Frontera's financial reports, which are available at www.fronteraresources.com. There is no assurance that Frontera's expectations will be realized, and actual results may differ materially from those expressed in the forward-looking statements.

3. Glossary of Terms: BCF - means Billion Cubic Feet of gas. TCF - means Trillion Cubic Feet of gas. Mcf - means Thousand Cubic Feet of gas. OOIP - means Original Oil in Place. OGIP - means Gas in Place. Bopd - means Barrels of Oil Per Day. PPG - means pounds-per-gallon.