Frontera Resources has received an extension to the exploration phase of its Production Sharing Agreement covering Block 12 in the country of Georgia from 2012 to 2017.
Frontera operates an area of approximately 5,060 square kilometers in the Kakheti region of eastern Georgia known as Block 12 and is conducting exploration and production activities in accordance with the Production Sharing Agreement.
Steve C. Nicandros, Chairman and Chief Executive Officer, commented, "We are very pleased to have the opportunity to continue to progress our extensive ongoing exploration efforts throughout Block 12 building upon our historical exploration and production investments. This extension provides the framework to continue to undertake the necessary programs to advance the inventory of oil and gas projects and associated significant prospectivity that these investments have identified. We are committed to the value creation proposition that our work to date has uncovered, and we remain very confident to continue to focus our investments within Georgia's energy sector for many years to come."
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