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Frontera Resources still on course at Mtsare Khevi

Published: 21:15 28 Jun 2013 AEST

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Shares in Frontera Resources (LON:FRR) surged on Friday as the company said in its full-year results statement it continues to make progress in the planned development of its portfolio.

The results come barely three weeks after an encouraging update in which the company said it was on track to produce first gas from the Mtsare Khevi field in Georgia in the next three months.

Revenue from crude oil sales in 2012 edged up to US$7.53mln from US$7.45mln in 2011.

Loss before tax narrowed substantially to US$8.88mln from a loss of US$119.95mln the year before, when there was a one-off inducement expense of US$99.4mln, relating to an exchange of convertible loan notes between Frontera Resources and Frontera Cayman, following a merger of the two entities.

The loss reflects expenditures focused on the existing operations in the Republic of Georgia.

Shares were up 8.2% at 0.79p at noon.

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