12 Oct 2018 07:00
12 October 2018
Frontera Resources Corporation
("Frontera" or "the Company")
Update
Frontera Resources Corporation (AIM: FRR), the European-focused oil and gas exploration and production company, notes the recent movement in share price following the shareholder Q&A session with the Company's CEO on 4 October 2018.
The Company confirms that there is no further update from the position previously notified, other than in respect of the action in Cayman Grand Court, which the Company summarises below.
Industry Partner Discussions and Extended Well Testing
The Company previously announced that it had entered into Non-Disclosure and Data Exchange Agreements with two industry majors with a view to progressing possible transactions involving a farmout or joint operating agreement. Technical work and commercial discussions are ongoing with both industry majors and the Company continues its extended well tests to support data analysis for the two industry majors.
Arbitration
On 16 April 2018, the Company advised that it received a request for arbitration from Georgian Oil and Gas Corporation and State Agency of Oil and Gas in respect to certain terms of the Company's production sharing contract ("PSC"). The arbitration proceedings are continuing and the Company will update the market in due course. The Company remains confident of its standing and complete compliance with the PSC.
Action in Cayman Grand Court with respect to the 2020 notes
On 11 October 2018, the Company and its fully-owned subsidiary, Frontera International Corporation, filed an action in the Grand Court of the Cayman Islands in relation to the loan notes issued by Frontera International Corporation to Outrider Master Fund L.P. in 2016 and due in 2020. On the same date, the Court granted the Company's request for an injunction regarding the security underlying the notes pending the outcome of the dispute. The Company intends to vigorously assert its rights. The Company will provide further updates as they become available.
This announcement contains inside information for the purposes of Article 7 of EU Regulation 596/2014.
Enquiries:
Frontera Resources | (713) 585- 3216 | ||
Zaza Mamulaishvili | |||
info@fronteraresources.com | |||
Cairn Financial Advisers LLP | +44 (0) 20 7213 0880 | ||
Jo Turner / Liam Murray
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WH Ireland Limited | +44 (0) 20 3411 1880 | ||
James Joyce / Chris Viggor
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Yellow Jersey | +44 (0) 203 735 8825 | ||
Tim Thompson | |||
Harriet Jackson | |||
Henry Wilkinson | |||