Re: FRR Stream Log - Hi, I am Looed on...

Hi, I am Looed on LSE - so glad to be able to share this with you all -he Merrick oil company Frontera has issued a statement. It has recently spoken about a company in Georgia that Frontera calls "incorrect and incorrect." Interpressnews offers the following statement: “Frontera Resources Corporation responds to recent incorrect and often incorrect information about the company in Georgia. Frontera is an American oil and gas exploration and production company headquartered in Houston, Texas, USA. The founding shareholders of the company are prominent representatives of the American energy and financial industry, including Baker Hughes, Conoco, JP Morgan, Shell Capital and many more. Since its inception, the company has worked in Texas in the US, Latin America and the Black Sea. In 1996, Frontera signed two production sharing agreements in Azerbaijan, where it began oil exploration and production that same year, making it the largest foreign oil company in Azerbaijan for several years. In 1997, the company won a tender announced by the state of Georgia and obtained a license to conduct oil and gas exploration and extraction in the 12th block of East Georgia. After a year of negotiations with the Government of Georgia and after the terms of the agreement were agreed with the Cabinet of Ministers, the State Investment Council and the Parliament of Georgia, the Company signed a Product Share Distribution Agreement with the State of Georgia and the State Company Saknavobi. The mandatory contract investment program was $ 18.5 million. The company has exceeded this obligation by about 30 times. For the first time in its history in Georgia, Frontera: Together with US banks JPMorgan, Morgan Stanley, Shell Capital and Deutsche Bank, they began investing in the 12th Block Project, successfully performing three-dimensional seismic research, drilling up to 60 wells with modern technology, horizontal drilling of oil wells with leading US companies, Netherland With Sewel & Associates, Ryder Scott and Miller & Lens approved the 12th block of oil and gas reserves. (The acquisition of these supplies will fully meet the country's demand for oil products and natural gas consumption and increase the volume of Georgian oil and gas exports.) In 2004, he placed shares on the London Stock Exchange for the Georgia Project. This was the first time the Georgian stock market had raised capital. This transaction successfully introduced Georgia to the international stock market capital market. The first gas pipeline and compressor station was built to supply locally supplied gas to users in various regions of Georgia. Total investment in oil exploration and extraction since 1997 is approximately US $ 580 million, while US $ 60 million worth of oil and natural gas has been extracted and sold during the same period. The state has received tens of millions of dollars in taxes. The project employs hundreds of people. It is also noteworthy that Frontera Resources fully assumes the responsibility and risk of capital investment in the project, with more than half of the oil and gas profits owned by the State of Georgia. The company began harassment from the state in 2013, which resulted in the issuance of various types of operating permits and repeated attempts to revoke the license to extract oil and gas. In 2017, the State and the Georgian Oil and Gas Corporation launched an international arbitration dispute against Frontera, which significantly hampered the Company's operations and the inflow of planned investments in Georgia. Nevertheless, the company hopes to continue implementing the multi-billion dollar oil and gas exploration project, which will bring energy independence to Georgia and provide its people with greater material benefits. It is a great honor for Frontera Resources Corporation to be part of Georgia's economic revival, ”the statement said.