Frontera Resources Corporation has announced results for the quarterly period ended June 30, 2008.
2008 Q2 Financial Highlights
- Revenues from crude oil sales for the quarter ending June 30, 2008 were $2.9 million, an increase of $2.3 million from $0.6 million during the same period last year. Revenues for the first six months of 2008 were $1.1 million higher than in 2007.
- Results for the quarter ended June 30, 2008 reflect a net loss of $5.5 million, or $0.08 per share on a fully-diluted basis, in line with the early stage nature of the company's asset portfolio and expenditures required to evaluate the company's undeveloped fields and exploration opportunities.
- Strong working capital position to continue planned investment programs.
2008 Q2 Operational Highlights
- Taribani Field Unit - Increased production from continuation of Zone 9 development program. A rig is currently being mobilized within Block 12 to commence drilling the next Zone 9 well, Taribani South #1, in early September.
- Shallow Fields Production Unit - Achieved a 30% increase in oil production through an aggressive new drilling campaign across the Unit that is ongoing. Drilling campaigns within the Mirzaani, Mtsare Khevi, Nazarlebi and Patara Shiraki fields have resulted in continued profitable production and Q2 oil revenues of $2.6 million.
- Basin Edge Play Unit - Continued exploration effort at "C" Prospect with reprocessing of 3D seismic survey to incorporate drilling results to date. Early results confirm large size and up-dip potential associated with this giant prospect. Efforts continue to secure a new rig for continuation of Lloyd #1 well operations.
- Mirzaani Field Area Exploration Unit - Continued efforts to farm out the Mirzaani Deep Prospect in order to accelerate drilling of this large prospect situated beneath the currently producing Mirzaani Field.
- Block 12 Area Wide Development Unit - Evolved Frontera's extensive inventory of undrilled prospects and undeveloped fields in anticipation of mid-term and long-term value creation opportunities.