Market News

Frontera makes progress in Georgia talks with potential partner

31/10/2018 08:48

(Sharecast News) - Oil and gas outfit Frontera Resources remains in talks with a second major oil company about its Georgia operations after having already signed an agreement with GE's Baker Hughes earlier in the month. Back in September, the European-focused exploration and production company revealed that it had entered into non-disclosure and data exchange agreements with "two industry majors" regarding a possible farm-out or joint operating arrangement at its Block 12 holdings in Georgia. Frontera said on Wednesday the discussion had taken a "significant step forward" when both interested parties attended extended site surveys and management meetings. Frontera and Baker Hughes Services, a subsidiary of GE, will work together to improve the efficiency of operations, enhance service capacity and capabilities, and commence in-field drilling and intervention campaign to increase production and recovery of resources in the Taribani, Mtsarekhevi and Mirzaani fields of Block 12. The AIM-listed firm did not disclose any details regarding its potential second partner. As of 0845 BST, Frontera shares had climbed ahead 4.88% to 0.43p.

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Walker Crips Group plc (Old Change House, 128 Queen Victoria Street, London EC4V 4BJ), registered in England, registered number 1432059, incorporates the following companies which are authorised and regulated by the Financial Conduct Authority: Walker Crips Investment Management Limited registered in England number 4774117 member of the London Stock Exchange, Walker Crips Wealth Management Limited registered in England number 3790291, Ebor Trustees Limited registered in England number 3514268, Barker Poland Asset Management LLP registered in England and Wales number OC341149.