The American independent oil and gas exploration and production company Frontera Resources Corporation announces further information regarding its recent successful Moldova license bid, IPN reports, quoting a press release of the company.
Frontera’s fully owned subsidiary Frontera Resources International LLC has been awarded a bid for exploration and production of hydrocarbons in the onshore Dobrogea Basin in southern Moldova. The bidding was organized and conducted by the Agency of Geology and Mineral Resources at the Ministry of Environment of Moldova.
The next step pursuant to Moldova legislation is to enter into a concession agreement with the government of the Republic of Moldova regarding hydrocarbon exploration and development. Frontera and the government have already started this process and expect that it will be completed within the next several weeks prior to the year-end.
“We are very pleased to have this opportunity to expand our operations into Moldova as part of our greater Black Sea strategy,” said Steve C. Nicandros, Chairman and Chief Executive Officer of Frontera Resources.
“The government has created a very welcoming environment for U.S. foreign direct investment into its oil and gas sector. Moreover, its continued progress related to the European Union Association Agreement that it entered into in 2014 provides an attractive foundation for new U.S. foreign investment initiatives such as ours,” he added.
