Frontera Resources Corp on Wednesday said it has signed a strategic memorandum of understanding with Ukrainian state-owned oil and gas company Naftogaz.

Under the terms of the deal, the pair will work on upstream exploration and production projects in Ukraine and will study the possibility of importing liquefied natural gas to Ukraine from Frontera’s Mtsare Khevi Gas Complex and Taribani Field Complex projects in Georgia.

“We are very pleased to continue to advance our initiatives in Ukraine and, in particular, our relationship with Naftogaz. This important MOU reflects Frontera’s ongoing focus to progress its Greater Black Sea Strategy by pursuing new growth throughout a region that contains significant underdeveloped and under-explored oil and gas potential,” said Frontera Chairman and Chief Executive Steve Nicandros.

Shares in Frontera were up 2.4% to 0.8038 pence on Wednesday.

Source: London South East