Steve C. Nicandros, President and Chief Executive Officer, commented:
"Frontera's operations in Georgia have not been affected by the recent political events in Georgia and it has been business as usual for our company. To this end, despite the operational delays, work at the Lloyd #1 well is progressing as planned to target the multiple objectives and associated enormous potential of the Basin Edge 'C' Prospect."
Frontera's objectives within the Basin Edge Play Unit are focused on accessing the resource potential that is estimated by the independent consulting firm of Netherland, Sewell and Associates to be in excess of one billion barrels of recoverable oil for the "B" and "C" Prospects. Of this total, prior to the acquisition of new seismic data suggesting an even larger structure, the "C" Prospect was estimated to contain as much as 500 million barrels of recoverable oil. The Basin Edge "B" and "C" Prospects are situated along the northern border of Block 12 and represent what the company believes is one of the newest and potentially most prolific exploration plays in the Upper Kura Basin. Frontera's primary reservoir targets are located in the Cretaceous age carbonate rocks, with secondary reservoir targets in the Miocene and Pliocene age clastic rocks as well as Jurassic carbonates.
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