Steve Nikandros, Frontera Resources president, announced on investments, planned to carry out in amount of $20-30 million for 2007, which is practically the same as figures of previous year.
Namely, in Taribana and Mirzaani fields (Dedoplistskaro district of Kakheti region), where Frontera Eastern Georgia carries out oil extraction, five new boring wells will be drilled.
As Nikandros said, 35 boring wells are already drilled in Mirzaani and 5 - in Taribana. Daily volume of extraction makes up 100-120 barrel on average. In 2006, the company extracted 36,000 barrels of oil, while for the 6 months of 2006 - 10,000 barrels.
The company plans several arrangements for the current and next year: to resume seismological works, to establish residues storage (the license on which is already received) and to restore soil on deposit territories.
Frontera operates in Kakheti region since 1997 year. The company made about $100 million investments for 1997-2006.
