On 13 July, during the first U.S.-Ukraine Business Forum in Washington, D.C., Andriy Kobolyev, CEO of Naftogaz, and Steve C. Nicandros, Chairman and CEO of Frontera Resources, signed a Memorandum of Understanding (“MOU”).

The company has recently announced identified combined prospective natural gas resources of as much as 365 billion cubic meters of gas-in-place, with as much as 266 billion cubic meters of recoverable prospective natural gas resources, as confirmed by the U.S.-based independent consulting firm of Netherland, Sewell & Associates.

The parties have agreed to set up a mutual effort to engage in specialized discussion of potential cooperation in upstream exploration and development initiatives in Ukraine, as well as to assess the opportunity of brining liquefied natural gas (LNG) to Ukraine from Frontera’s gas fields in Georgia.

In the two-year MOU Naftogaz and Frontera have also agreed to exchange ideas, experience and information related to the stated areas of cooperation.

Frontera Resources Corporation is an international company engaged in the exploration and production of oil and gas, established in 1996. The company’s strategy is to find prospects for the extraction of hydrocarbons in the markets of Greater Black Sea Eastern European countries.