Frontera Resources jumps on Georgian project update

Shares in Frontera Resources jumped by over a tenth on Monday after the oil and gas explorer said it estimated up to 8.29trn cubic feet of in-place gas at the Mtsare Khevi project in Georgia.

In a statement released on Monday, the London-listed group said there could be as much as 6.15trn cubic feet of recoverable prospective resources at the site.

Frontera said a programme of drilling and work-overs was already underway at the site, while the expansion of gas processing and transportation facilities was also currently in process.

“We are very focused to continue to expand and accelerate our efforts to bring this strategic resource to not only Georgia's domestic market, but also to nearby regional markets in Turkey, the European Union and Eastern Europe," said group chief executive and chairman Steve Nicandros.

Frontera shares were up 11.36% to 1.22p at 11:06 on Monday.