Frontera Resources Corporation Signing of Joint Declaration Protocol (4605Y)
March 03 2017 - 4:04AM
UK Regulatory
TIDMFRR
RNS Number : 4605Y
Frontera Resources Corporation
03 March 2017
Press Release 3 March 2017
Frontera Resources Corporation
("Frontera" or "the Company")
Frontera Resources and Government of Moldova Sign Protocol of
Joint Declaration
Houston, Texas U.S.A.
Frontera Resources Corporation (AIM: FRR), an independent oil
and gas exploration and production company, is pleased to announce
that, on 3 March 2017, Frontera Resources International LLC, a
fully-owned subsidiary of the Company, and the Government of
Moldova signed a Joint Declaration Protocol ("Joint Declaration")
regarding the exploration, production and development of
hydrocarbon resources in Moldova.
In the Joint Declaration, Frontera and the Government of Moldova
re-affirm their mutual commitments under Concession Agreement dated
2 January 2017, as announced on 10 January 2017, pursuant to which
Frontera has the exclusive right to explore for, produce and
develop hydrocarbon resources within an area comprising
approximately 3 million acres situated in the southern portion of
the country. The overall term of the Concession Agreement is 50
years from the date of its execution, including an initial
exploration phase of up to ten years. The Concession Agreement
contains standard provisions relating to royalty, environmental
protections and performance criteria. Frontera's exploration
objectives in the country are to undertake extensive technical
evaluation related to the onshore Dobrudga Basin.
The Joint Declaration was signed by Pavel Philip, Prime Minister
of Moldova and Steve Nicandros, Chairman and Chief Executive
Officer, Frontera Resources.
Steve C. Nicandros, Chairman and Chief Executive Officer,
commented:
"Frontera is very pleased to have marked this important
milestone with the Government of Moldova. With this affirmation, we
look forward to conducting new exploration initiatives with a view
towards helping Moldova to develop its economy and achieve its
energy independence."
This announcement contains inside information for the purposes
of Article 7 of EU Regulation 596/2014.
Enquiries:
Frontera Resources Corporation
Jesse Jefferies
+1 (713) 585-3216
info@fronteraresources.com
Financial PR/IR
Abchurch
Rebecca Clube / Jenny Lee
+44 (0) 20 7398 7700
fronterainfo@abchurch-group.com
Nominated Adviser
Cairn Financial Advisers LLP
Jo Turner/ Liam Murray
+44 (0) 20 7213 0880
Broker
Cornhill Capital Limited
Nick Bealer
+44 (0) 207 710 9610
Notes to Editors:
About Frontera Resources Corporation
Frontera Resources Corporation is an independent Houston, Texas,
U.S.A.-based international oil and gas exploration and production
company whose strategy is to identify opportunities and operate in
emerging markets in Eastern Europe around the Black Sea. Frontera
Resources Corporation shares are traded on the London Stock
Exchange, AIM Market - Symbol: FRR. For more information, please
visit www.fronteraresources.com.
1. This release may contain certain forward-looking statements,
including, without limitation, expectations, beliefs, plans and
objectives regarding the transactions, work programs and other
matters discussed in this release. Exploration for oil is a
speculative business that involves a high degree of risk. Among the
important factors that could cause actual results to differ
materially from those indicated by such forward-looking statements
are: risks inherent in oil and gas production operations;
availability and performance of needed equipment and personnel; the
Company's ability to raise capital to fund its exploration and
development programs; seismic data; evaluation of logs, cores and
other data from wells drilled; inherent uncertainty in estimation
of oil and gas resources; fluctuations in oil and gas prices;
weather conditions; general economic conditions; the political
situation in Moldova and relations with neighboring countries; and
other factors listed in Frontera's financial reports, which are
available at www.fronteraresources.com. There is no assurance that
Frontera's expectations will be realized, and actual results may
differ materially from those expressed in the forward-looking
statements.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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