Frontera & UkrGasVydobuvannya Sign Strategic MoU for Upstream Cooperation

Source: www.gulfoilandgas.com 2/9/2016, Location: Asia

Frontera Resources Corporation (FRR), an independent international oil and gas exploration and production company (“Frontera”), announces that it has signed a Memorandum of Understanding (“MOU”) with Ukraine’s public joint stock company UkrGasVydobuvannya (“UGV”), a subsidiary of Ukraine’s national energy company, National Joint Stock Company Naftogaz of Ukraine (“Naftogaz”).

The MOU furthers a focused joint effort that was established last year between Frontera and Naftogaz, which led to a strategic MOU being signed in July 2015. This MOU serves to create a more detailed framework of technical and commercial cooperation between Frontera and UGV in order to move towards implementation of joint work in specifically targeted upstream exploration and production projects in Ukraine.

During July of 2015, Frontera and Naftogaz initiated cooperation to work together in upstream exploration and production projects in Ukraine, as well as to study the possibility to bring liquefied natural gas (LNG) to Ukraine from Frontera’s ongoing work in Georgia where it has identified prospective natural gas resources of as much as 187 trillion cubic feet (5.31 trillion cubic meters) of gas in place from reservoir targets found between 300 metres and 5,000 metres in depth.

In 2015, Frontera announced results of reports that it commissioned by the U.S.-based consulting firm of Netherland, Sewell & Associates in order to provide independent assessment of the company’s estimates. Since last year, joint work has advanced and has now further evolved the upstream focus of this cooperation with UGV.

The MOU was executed by Oleg Prokhorenko, Chairman of the Board of UGV, and Steve C. Nicandros, Chairman and Chief Executive Officer of Frontera.

Steve C. Nicandros, Chairman and Chief Executive Officer, commented: “Frontera is very pleased to continue to advance its work with Naftogaz and to further focus its upstream initiative in Ukraine with UGV as an important element of our Greater Black Sea Strategy.

“Ukraine represents a unique opportunity for meaningful growth in Europe with its significant underdeveloped and under-explored oil and gas potential such that, with joint initiatives like ours, it will accelerate its path toward becoming an important supplier of energy not only to its domestic markets, but also to greater Europe in years to come. With this in mind, we are very pleased to continue to advance our work with the forward-looking management of Naftogaz and UGV.”


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