Scandinavian Oil-Gas Magazine
http://www.scandoil.com/moxie-bm2/by_province/russia/frontera-farms-out-of-taribani-field-and-taribani-.shtmlFrontera farms out of Taribani Field and Taribani Field complex in Georgia
Frontera Resources Corporation announce that its wholly-owned subsidiary, Frontera Resources
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Frontera Resources Corporation announce that its wholly-owned subsidiary, Frontera Resources Georgia Corporation, has signed a farmout agreement with Varang Exploration Limited ("Varang Exploration"), a wholly owned subsidiary of a privately held independent natural resources investment group, for the farmout of up to a 50% working interest in Frontera's Taribani Field and Taribani Field Complex, situated within Block 12 in Georgia.
In consideration for the transaction, Frontera will receive a carry on its future expenditure on the Taribani Field and the greater Taribani Field Complex of up to approximately US$36 million, for the costs associated with a seven well drilling program over three phases. Frontera will continue to act as managing Operator for all planned operations. The Company will retain 100% working interest throughout the balance of its Block 12 holdings.
