Frontera settles bills with new share issue

Frontera Resources settled some sizeable bills on Thursday, through the issue of 100 million new ordinary shares.

The AIM-traded independent oil and gas exploration and production company said the issue was for the settlement of $736,000 (£529,000) in fees, due to "certain unrelated third parties for oil field services provided to the company, including workover, drilling, logging and transportation services".

Frontera's board said application had been made for the new ordinary shares to be admitted to trading on AIM, which was expected to occur on 1 March. The shares would rank pari passu with existing shares of common stock of the firm.

Following admission, Frotera would have 3,611,348,030 ordinary shares in issue with voting rights. It held no ordinary shares in treasury.