Frontera said it is was now in the process of completing the second independent assessment of its gas resource estimates associated with the South Kakheti Gas complex in Georgia.
The move comes after the company announced the results of the first report it commissioned by consulting firm Netherland, Sewell & Associates.
Frontera said it was initially assessed that the site, which is estimated to hold as much as 135trillion cubic feet of gas, was one integrated geologic unit.
The results of the second set of analysis are expected to come through in the first quarter of next year.
Steve Nicandros, chief executive, said: “As we come to the end of 2015, our work this past year at both the South Kakheti Gas Complex and the Taribani Field Complex has successfully revealed significant increases in the value associated with our portfolio.
“Thanks to a focused technical effort, underpinned by an independent assessment, our gas holdings continue to materially grow in size, thereby establishing the basis for a strategic development initiative.
“Similarly, our oil holdings are experiencing breakthrough technical results that I continue to equate to similar advances in the United States that have transformed the country’s energy independence trajectory.
“Because of this, we continue to believe that our ongoing work will serve to uniquely distinguish Frontera’s significant value creation and further serve to establish Georgia’s domestic energy independence in the years to come and make it a strategic supplier of oil and gas to Europe and Turkey’s nearby consumption markets.”
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