Frontera Resources Azerbaijan Corporation Announces Award in Arbitration With SOCAR
Posted on: Wednesday, 25 January 2006, 03:03 CST
HOUSTON, Texas, January 25 /PRNewswire-FirstCall/ -- Frontera Resources Corporation , an independent oil and gas exploration and production company, today announced that its wholly owned subsidiary, Frontera Resources Azerbaijan Corporation, has been awarded $1.2 million plus interest in connection with its binding arbitration case with SOCAR, the State Oil Company of the Azerbaijan Republic. The arbitration was held in Sweden and is binding on the parties under the rules of UNCITRAL, the United Nations Commission on International Trade Law.
Frontera initiated the arbitration against SOCAR in October 2003 related to claims resulting from SOCAR's halting of exports from the onshore Kursangi & Karabagli oilfields in the Azerbaijan Republic during the fourth quarter of 2000.
The arbitral panel found that the halting of exports of crude oil from the Kursangi & Karabagli oil fields in the Azerbaijan Republic was in violation of the Agreement on Rehabilitation, Exploration, Development and Production Sharing between SOCAR, Frontera, Delta/Hess and SOCAR Oil Affiliate (the "PSA"). The arbitration panel rejected all other claims and counterclaims between the parties and the arbitration therefore resolves all claims between Frontera and SOCAR with respect to the PSA.
About Frontera
Frontera Resources Corporation is an independent Houston, Texas, U.S.A.- based international oil and gas exploration and production company whose strategy is to identify and operate opportunities in emerging markets around the world.
Frontera was admitted to the Alternative Investment Market, operated by the London Stock Exchange, on 14 March 2005. For more information about Frontera, please see http://www.fronteraresources.com/ .
This release contains certain forward-looking statements, including, without limitation, expectations, beliefs, plans and objectives regarding the potential transactions and ventures discussed in this release, as well as reserves, future production, our ability to establish commercial production and our ability to collect the award from SOCAR. Among the important factors that could cause actual results to differ materially from those indicated by such forward-looking statements are future exploration and development results, availability of needed equipment and personnel, fluctuations in oil and gas prices, general economic condition, the political situation in Georgia and neighboring countries, the ability of SOCAR to appeal successfully the award and the enforceability of the judgment in other jurisdictions. There is no assurance that Frontera's expectations will be realized, and actual results may differ materially from those expressed in the forward-looking statements.
Frontera Resources Corporation
CONTACT: Enquiries: Citigate Dewe Rogerson (+44-20-7638-9571), Media:Martin Jackson/George Cazenove, Analysts: Nina Soon
Source: PRNewswire-FirstCall
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