HOUSTON - Friday, October 9th 2015 [ME NewsWire]
(BUSINESS WIRE)-- Frontera Resources Corporation (AIM:FRR), an independent oil and gas exploration and production company (“Frontera” or the “Company”), today provided an announcement of a significant upgrade to gas resources associated with its ongoing exploration and production efforts in the country of Georgia.
The Company recently announced that it had continued to advance its natural gas focus within its eastern Georgia holdings by combining the technical focus of its Mtsare Kheve Gas Complex and Taribani Field Complex into one integrated 2,000 square kilometer geologic unit called the South Kakheti Gas Complex. In addition to gas resources previously identified for subsets of this combined area, Frontera’s ongoing work recently concluded new estimation of as much as 135 trillion cubic feet (3.8 trillion cubic meters) of gas in place from reservoir targets found between 300 metres and 5,000 metres in depth. An independent assessment of Frontera’s new internal estimates is now underway.
Earlier this year, during the month of April, Frontera announced results of a report it commissioned by the U.S.-based independent consulting firm of Netherland, Sewell & Associates that confirmed combined prospective natural gas resources of as much as 12.9 trillion cubic feet (365 billion cubic meters) of gas-in-place, with as much as 9.4 trillion cubic feet (266 billion cubic meters) of recoverable prospective natural gas resources at the Mtsare Khevi Gas Complex and Taribani Field Complex.
Following on from this assessment, extensive geologic and geophysical studies continued within and between the Mtsare Khevi Gas Complex and the Taribani Field Complex areas as the Company has believed that these areas are part of a common geologic complex. As a result, ongoing exploration studies have confirmed an extensive integrated gas resource potential that is much larger than previously identified.
In 2014, Frontera’s installation of a 14-kilometer network of gathering, processing and pipeline transportation facilities culminated in the initiation of gas production operations from the Company’s ongoing drilling operations. Since commencing gas production operations in April of last year from its operations in eastern Georgia, Frontera has successfully marked eighteen months of gas production operations. Continuous gas sales from the area have represented the first time domestically produced non-associated gas has been continuously marketed to Georgia’s national consumption market. Together with extensive technical analysis associated with the greater South Kakheti Gas Complex, this work has opened a historic new chapter in Georgia’s move towards energy independence as well as providing gas to markets beyond its borders.
Frontera is advancing evaluation of commercialization options to expand and accelerate efforts to bring this resource to not only Georgia’s domestic market, but also to nearby regional markets in Turkey and Europe. In this context, during the month of July, Frontera entered into to a strategic Memorandum of Understanding with Ukraine’s national energy company, National Joint Stock Company Naftogaz of Ukraine whereby an engineering FEED study is underway related to the possibility of bringing liquefied natural gas (LNG) to Ukraine from Frontera’s ongoing upstream gas work in Georgia. Similar studies are in progress related to other trans-Black Sea markets as well as contemplated regional pipeline routes.
Steve C. Nicandros, Chairman and Chief Executive Officer commented:
“Our ongoing investments in Georgia have continued to reveal the emergence of what we believe to be a world class gas play with the identification of the South Kakheti Gas Complex. Much like the recent evolution of similarly prolific gas plays in the United States that have transformed the U.S.A.’s energy independence trajectory, our results continue to indicate that Georgia has the natural gas resources to follow a similar path. We believe that our ongoing work will further serve to establish Georgia’s domestic energy independence in the years to come and also make it a strategic supplier of gas to Turkish and European consumption markets.”
Contacts
Frontera Resources Corporation:
Liz Williamson
Vice President, Investor Relations and Corporate Communications
+1 713 585 3216
lwilliamson@fronteraresources.com
Financial PR:
Buchanan
Helen Chan
+44 (0) 20 7466 5000
helenc@buchanan.uk.com
Permalink: http://me-newswire.net/news/15945/en
|