14th Mar 2005 08:41
Frontera Resources Corporation14 March 2005 Not for release, publication or distribution in, or into, the United States,Canada, Australia or Japan FRONTERA RESOURCES ANNOUNCES THE LISTING OF ITS COMMON SHARES ON THE AIM MARKET OF THE LONDON STOCK EXCHANGE Houston, Texas USA (March 14, 2005) - Frontera Resources Corporation announcedtoday the completion of a US$81 million offering through an initial placement ofshares of the company's common stock in the United Kingdom. The common stock ofFrontera is now admitted for trading on the AIM Market operated by the LondonStock Exchange. The shares are traded under the following ticker symbol: "FRR". The company's Chairman and Chief Executive Officer, Steve C. Nicandros, saidthat, "We are very pleased to have completed this placing and the admission tothe AIM Market. It represents a very important step in Frontera's growthstrategy." Frontera holds a 100 per cent working interest in a production sharing agreementwith the government of Georgia that gives Frontera the exclusive right toexplore for, develop and produce oil in a 5,060 square kilometer area in easternGeorgia known as Block 12. Frontera is currently conducting exploration andproduction operations in Block 12, which contains a large inventory of existingfields and exploration prospects for new drilling. "The completion of this offering provides Frontera with the ability toaccelerate exploration and production activities in Block 12", said Nicandros."In the months ahead, our focus will be to commence drilling operations in oneof the existing fields within our inventory, and to commence an important newgeophysical program over a portion of our identified exploration portfolio.This will establish the basis for an aggressive exploration and production workprogram for our company over the next three years." Morgan Stanley acted as sole bookrunning manager and nominated advisor for thisinitial public offering. Frontera Resources Corporation is an independent US-based international oil andgas exploration and production company whose strategy is to identifyopportunities in emerging markets around the world. Frontera has operated inGeorgia since 1997. For more information please contact: Randy Theilig3040 Post Oak Boulevard, Suite 730Houston, Texas 77056Phone: 713 585 3215Fax: 713 585 3204 This press release is not for publication or distribution or release in theUnited States of America (including its territories and possessions, any Stateof the United States of America and the District of Columbia), Canada, Australiaor Japan. The information contained herein does not constitute or form part ofan offer or solicitation of an offer to purchase or subscribe for securities forsale in the United States, Canada, Australia or Japan or any other jurisdiction.The securities referred to herein have not been and will not be registeredunder the United States Securities Act of 1933, as amended and may not beoffered or sold in the United States or to of for the benefit of US personsunless they are registered or exempt from registration under applicable law orin transactions that are exempt from registration. No public offering ofsecurities is being made in the United States. This announcement is directed only at persons who (i) are outside the UnitedKingdom or (ii) are in the United Kingdom and either have professionalexperience in matters relating to investments or are high net worth companies,unincorporated associations etc for the purposes of Article 49 of the FinancialServices and Markets Act 2000 (Financial Promotion) Order 2001 (all such personstogether being referred to as "relevant persons"). This announcement must not beacted on or relied on by persons who are not relevant persons. Any investment orinvestment activity to which this announcement relates is available only torelevant persons and will be engaged in only with relevant persons.Stabilisation/FSA This announcement does not constitute or form part of an offer, or anysolicitation of an offer, for securities and any purchase of or application forshares in the placing should only be made on the basis of information containedin the formal admission document to be issued in connection with the placing.The price and value of, and income from, shares may go down as well as up.Persons needing advice should consult a professional adviser. Morgan Stanley & Co. International Limited is acting for Frontera ResourcesCorporation and no one else in connection with the offering and will not beresponsible to any other person for providing the protections afforded to itsclients or for providing advice in relation to the offering. This information is provided by RNS The company news service from the London Stock ExchangeRelated Shares:
Frontera Resources