Frontera Resources Corporation provided an update on drilling operations in Taribani field, situated within Taribani Complex of Block 12 in Georgia. Well T-39: The company has completed open hole well logging of the recently drilled section. The open hole logging suite consisted of resistivity, neutron porosity, sonic, bulk density, and gamma ray measurements. Data processing has confirmed pay interval identifications made during the drilling operations. Combined pay for Zones 9, 14 and 15 within T-39 well has been calculated to be 102.5m with 14.2% porosity. 12.4m combined pay interval has been confirmed in Zone 13. This is a further developed pay section in addition to the original Zones 9, 14 and 15 targets. The Company confirms that it has observed a number of oil and gas shows during drilling operations. Well Niko-1: On 16 May 2018, the Company received drilling permit from the State Agency of Oil and Gas for drilling operations at the well Niko-1. The well will be drilled (by way of well sidetracking) to a target depth of 2850m, and Zones 9, 14 and 15 of the Eldari reservoir will be stimulated and produced together. It is expected that drilling operations will commence in early November 2018 and will complete in early December 2018 followed by the well flow test to commence before the end of the year 2018. Niko-1 well open hole logging data processing form previous drilling operations, consisted of resistivity, neutron porosity, sonic, bulk density, and gamma ray measurements, confirmed combined pay for Zones 9, 14 and 15 to be 86.9m with 14.0% porosity. 14.9m combined pay interval has been confirmed in Zone 13. Well Niko-1 Funding: On 24 May 2018, the Company entered into an agreement with an unrelated institutional investor to secure funding for the planed operations at Niko-1 well. Pursuant to the agreement, the investor will provide up to $3 million investment, to be disbursed in two equal tranches by 1 September 2018 and by 15 October 2018, respectively, in order to fund the Niko-1 well work program to be commenced in November 2018. In consideration for this financing, the investor will receive share in the production from the Niko-1 well in the following proportion: 60% of the well production from the completion of the work program until recovery of its investment, and 30% of the well production thereafter.