Frontera makes progress in Georgia talks with potential partner

31st Oct 2018 08:48

(Sharecast News) - Oil and gas outfit Frontera Resources remains in talks with a second major oil company about its Georgia operations after having already signed an agreement with GE's Baker Hughes earlier in the month.Back in September, the European-focused exploration and production company revealed that it had entered into non-disclosure and data exchange agreements with "two industry majors" regarding a possible farm-out or joint operating arrangement at its Block 12 holdings in Georgia.Frontera said on Wednesday the discussion had taken a "significant step forward" when both interested parties attended extended site surveys and management meetings.Frontera and Baker Hughes Services, a subsidiary of GE, will work together to improve the efficiency of operations, enhance service capacity and capabilities, and commence in-field drilling and intervention campaign to increase production and recovery of resources in the Taribani, Mtsarekhevi and Mirzaani fields of Block 12.The AIM-listed firm did not disclose any details regarding its potential second partner.As of 0845 BST, Frontera shares had climbed ahead 4.88% to 0.43p.