3 Mar 2017 09:04
Press Release 3 March 2017
Frontera Resources Corporation
("Frontera" or "the Company")
Frontera Resources and Government of Moldova Sign Protocol of Joint Declaration
Houston, Texas U.S.A.
Frontera Resources Corporation (AIM: FRR), an independent oil and gas exploration and production company, is pleased to announce that, on 3 March 2017, Frontera Resources International LLC, a fully-owned subsidiary of the Company, and the Government of Moldova signed a Joint Declaration Protocol ("Joint Declaration") regarding the exploration, production and development of hydrocarbon resources in Moldova.
In the Joint Declaration, Frontera and the Government of Moldova re-affirm their mutual commitments under Concession Agreement dated 2 January 2017, as announced on 10 January 2017, pursuant to which 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.
The Joint Declaration was signed by Pavel Philip, Prime Minister of Moldova and Steve Nicandros, Chairman and Chief Executive Officer, Frontera Resources.
Steve C. Nicandros, Chairman and Chief Executive Officer, commented:
"Frontera is very pleased to have marked this important milestone with the Government of Moldova. With this affirmation, we look forward to conducting new exploration initiatives with a view towards helping Moldova to develop its economy and achieve its energy independence."
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
Rebecca Clube / Jenny Lee
+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:
About Frontera Resources Corporation
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.
1. 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 in Moldova 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.