Area Drilling

AzerbaijanEuropean Bank for Reconstruction and Development granted Frontera Resources Corp., Houston, a $10 million loan for development of onshore oil fields in Azerbaijan and Georgia Republic. Frontera expects a further $50 million loan to be extended this summer.Frontera, State Oil Co. of Azerbaijan, and Delta/Hess (K&K) Ltd. (Amerada Hess Corp. and Delta Oil Central Asia Ltd.) began in late 1999 to double production from giant Kursange and Karabag* fields on a 116,000-acre block. The combined 4,000 b/d of high-quality oil is shipped via the Black Sea.The company hopes to develop Taribani field, which holds 1 billion BOE of reserves, and six other discovered fields on 1.3-million-acre ...

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