Frontera Resources ups gas-in-place estimate for Georgia complex

Oil and gas exploration and production company Frontera Resources upgraded its estimate for the gas in place at its South Kakheti Gas Complex in Georgia.

Frontera said that since its announcement in October, it has carried out extensive geologic and geophysical studies and it has now added 52.5 trn cubic feet of gas in place to its previous estimate, putting the total forecast at 187 trn cubic feet.

The group also said on Wednesday that it is currently in the process of completing a second independent assessment of the project.

“Together with ongoing well operations, expansion of existing processing facilities have progressed and it is now anticipated that operations will bring daily gas production in excess of 7m cubic feet per day during Q1 of 2016,” it said.

At 1115 GMT, Frontera shares were up 9.8% to 0.73p.