Pursuant to the terms of the Concession Agreement, Frontera has the exclusive right to explore for, produce and develop hydrocarbon resources within an area comprising approximately 3 million acres situated in the southern portion of the country. The overall term of the Concession Agreement is 50 years from the date of its execution, including an initial exploration phase of up to ten years. The Concession Agreement contains standard provisions relating to royalty, environmental protections and performance criteria. Frontera's exploration objectives in the country are to undertake extensive technical evaluation related to the onshore Dobrudga Basin. 

Steve C. Nicandros, Chairman and Chief Executive Officer, noted:

"Frontera is very pleased to have concluded this important agreement with the Government of Moldova. With this new mandate, we look forward to bringing advanced technical resources to exploring the portion of the Dobrudga Basin that is situated within the southern portion of the country. 

Overall, our agreement represents a new milestone of U.S. investment in Moldova's oil and gas sector and also signifies the commencement of a focused effort to help the country advance towards energy independence from its untapped natural resource potential."