Frontera Resources expects $2.03m from arbitration award in Q1 2018

Europe-focused independent oil and gas exploration and production company Frontera Resources announced the completion of enforcement proceedings concerning an arbitration award, which would net the company $2.03m, the total amount due.

Frontera was granted the award following lengthy enforcement proceedings in courts in Ankara, Turkey, but now Frontera expected to collect, in installments, the full Arbitration Award inclusive of statutorily prescribed interest, by the end of the first quarter of 2018.

The issue stemmed from a 2008 lawsuit against ARAR Oil & Gas Inc for breach of contract and infliction of damages, resulting on 16 April 2010 in the final binding arbitration award favouring Frontera against the defendants- ARAR Inc, ARAR Petrol ve Gas Arama Uretim Paz A.S, and Mr. Fatih Alpay.