Frontera Resources (LON:FRR) shares advanced in early deals after a business update revealed an estimate of up to 8.29 trillion cubic feet (TCF) of in-place gas at the Mtsare Khevi project in Georgia.
There could be as much as 6.15 TCF of recoverable prospective resources at the project, according to the independent assessment.
At the moment a programme of drilling and work-overs is ongoing at Mtsare Khevi, and at the same time the company said the expansion of gas processing and transportation facilities was also currently in process.
Steve Nicandros, in a stock market statement, said: “As it has now been nearly one year since commencing gas production operations at the Mtsare Khevi Gas Complex, we are very focused to continue to expand and accelerate our efforts to bring this strategic resource to not only Georgia's domestic market, but also to nearby regional markets in Turkey, the European Union and Eastern Europe."
Elsewhere, the scale of the Taribani field, also in Geogia, has been estimated up to 4.62 TCF of in-place gas with 3.23 TCF of recoverable prospective resources.
The company said it is still working on preparations for a farm-out of Taribani.
The assessments of the two projects were carried out by independent consultant Netherland, Sewell & Associates.
On AIM, Frontera shares were up 4.5% trading at 1.15p at around 9am. Previously, in early deals, shares traded as high as 1.49p.