Frontera Resources, an oil and gas exploration and production company, saw its share leap over 60 per cent on Wednesday after it announced that it has received approval to proceed with the installation of the eight kilometre pipeline and related facilities within the Mtsare Khevi Field from the Georgian government.
The company now expects first production from the field within 120 days and is targeting approximately two million cubic feet per day of gas (57,000 cubic meters per day).
Based on Frontera's internal estimates, analysis has revealed significant gas potential throughout a larger play area surrounding the field of up to approximately 1.2trn cubic feet of gas in place (28bn cubic meters) and up to approximately 700bn cubic feet of recoverable gas (19.8bn cubic meters).
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The share price rocketed 61.11% to 0.72p by 08:30 on Wednesday.
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