Frontera Resources Corporation, an independent oil and gas exploration and production company, said n November 16, 2016, that it has won bidding for exploration and production of hydrocarbons in Moldova.
Following completion of the bidding, Frontera and the Government of Moldova are set to conclude respective agreements on the hydrocarbons exploration and development.
These agreements are subject to both Frontera and the Government of Moldova negotiating suitable terms for the exploration and development of hydrocarbons outlined in the initial bidding process.
The bidding was conducted by the Agency of Geology and Mineral Resources of the Ministry of Environment of the Republic of Moldova pursuant to the resolution of the Government of the Republic of Moldova.
The Company will inform the market in due course on further developments.
Frontera describes its focus as the Greater Black Sea region, but its sole interest to date is a 100% working interest in Block 12, an area of 5,060 km2 (1.3mn acres) in eastern Georgia in which it is a minor producer and exporter of crude oil and is also appraising the South Kakheti gas complex.
In its 1H 2016 results, released September 30, 2016, Frontera reported a $10.9 mln loss due to ongoing exploration efforts. It also accused Georgia of discouraging domestic gas exploration «in favor of preserving existing gas import monopolies.»
