Frontera Resources Regulatory News (FRR)

30 Sep 2005 07:03

Frontera Resources Corporation30 September 2005 Operations News Update ______________________ September 30, 2005 FRONTERA RESOURCES ANNOUNCES COMMENCEMENT OF 2005 PLANNED SEISMIC PROGRAM IN GEORGIA Houston, Texas U.S.A. (September 30, 2005): Frontera Resources Corporation(London Stock Exchange, AIM Market - Symbol: FRR), an independent oil & gasexploration and production company operating in the country of Georgia, todayannounced the commencement of its planned seismic acquisition operations inGeorgia. In July, Frontera awarded a contract to conduct its 2005 seismicprogram to Global Geophysical Services, Inc. of Houston, Texas. This year's program involves the acquisition of approximately 500 km of 2Dseismic across Frontera's Basin Edge Play Unit, Mirzaani Field Area ExplorationUnit, and Taribani Field Unit. These units are located within Frontera'sonshore exploration and production license in eastern Georgia known as BlockXII. The objective of the seismic program is to enhance existing mappedprospects in each unit and establish the basis for selecting drilling locationsfor Frontera's 2006 anticipated work program. Global's seismic crew, which includes four vibroseis trucks, was mobilized toeastern Georgia during the months of August and September and is now undertakingacquisition operations commencing with the Basin Edge Play Unit. This unitcontains two large mapped exploration prospects with Jurassic, Cretaceous andTertiary age reservoir objectives. Targeted reservoirs are anticipated to besituated at depths of between 2,000 meters and 2,500 meters. The reservoirengineering firm of Netherland, Sewell and Associates, Inc. has assignedunrisked resource potential in excess of 1 billion barrels of recoverablereserve potential to these two exploration prospects. Steve C. Nicandros, Frontera's Chairman and Chief Executive Officer, commented: "We are pleased to have commenced acquisition operations of our planned seismicprogram in Block 12. The data acquired from this year's geophysical program willserve to provide the focus for next year's drilling program. This program willbe designed to access the significant exploration potential we have thus faridentified from a portion of our extensive inventory of undeveloped fields andundrilled exploration prospects within Block 12." Frontera's seismic program remains on schedule this year and within itsprojected 2005 work program and budget. About Frontera Frontera Resources Corporation is an independent Houston, Texas, U.S.A.- basedinternational oil and gas exploration and production company whose strategy isto identify and operate opportunities in emerging markets around the world. Frontera was admitted to the Alternative Investment Market, operated by theLondon Stock Exchange, on March 14, 2005. Frontera has operated in Georgia since 1997 where it holds a 100 per centworking interest in a production sharing agreement with the government ofGeorgia. This gives Frontera the exclusive right to explore for, develop andproduce oil and gas from a 5,060 square kilometer area in eastern Georgia knownas Block 12. For more information, please see www.fronteraresources.com . For more information regarding Global Geophysical Services, Inc., please seewww.globalgeophysical.com For more information regarding Netherland, Sewell and Associates, please seewww.netherlandsewell.com This release contains certain forward-looking statements, including, withoutlimitation, expectations, beliefs, plans and objectives regarding the potentialtransactions and ventures discussed in this release, as well as reserves andfuture production. Among the important factors that could cause actual resultsto differ materially from those indicated by such forward-looking statements arefuture exploration and development results, availability of needed equipment andpersonnel, fluctuations in oil and gas prices, general economic conditions andthe political situation in Georgia and neighboring countries. There is noassurance that Frontera's expectations will be realized, and actual results maydiffer materially from those expressed in the forward-looking statements. Enquiries Citigate Dewe Rogerson (+44 20 7638 9571) Martin Jackson This information is provided by RNS The company news service from the London Stock Exchange