Frontera Resources looks to boost production from Kura Basin operations
19 November 2009
AIM listed oil and gas group Frontera Resources today said that it was making progress on boosting production from its operations on Block 12 of the Kura Basin, which lies between the Caspian Sea and the Black Sea in Azerbaijan and Georgia.
Specifically, Frontera has been aiming to increase oil and gas rates from the Mirzaani and Mtsare Khevi fields, two of four undeveloped fields it is working on within the Shallow Fields Production Unit.
As a result, it has drilled and completed three new wells at on the Mtsare Khevi Field and preparations are also underway to install gas sales related infrastructure. Separately, drilling is currently ongoing on one new well on the Mirzaani Field with logging operations underway.
Frontera raised approximately $7.6 million in a share placing in September and its channelling the funds into developing the Mirzaani and Mtsare Khevi fields.
In the three months to September 30, 2009 the company posted a net loss of $13.4 million, up from $10.4 million on the same period last year. It blamed the rise on a $3.4 million non-cash derivative expense associated with the issuance of warrants as part of the September equity placement.
On a positive note, it received payment of $1.9 million in September for crude oil sales that will be reflected in fourth quarter results.
Steve Nicandros, Frontera’s chairman and chief executive, said: “Together with implementation of plans to continue to reduce costs through the end of this year, we remain very focused on achieving increased cash flow generation from operations as we move into 2010.”
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