Frontera Resources has signed an MOU (Memorandum of Understanding) with Ukraine’s pubic joint stock company.
The agreement has been signed with UkrGasVydobuvannya, a subsidiary of Naftogaz.
The MOU is expected to service a more detailed framework of technical and commercial cooperation between the two companies.
Steve Nicandros, chief executive, said: “Frontera is very pleased to continue to advance its work with Naftogaz and to further focus its upstream initiative in Ukraine with UGV as an important element of our Greater Black Sea Strategy.
“Ukraine represents a unique opportunity for meaningful growth in Europe with its significant underdeveloped and under-explored oil and gas potential such that, with joint initiatives like ours, it will accelerate its path toward becoming an important supplier of energy not only to its domestic markets, but also to greater Europe in years to come.
“With this in mind, we are very pleased to continue to advance our work with the forward-looking management of Naftogaz and UGV.”