LONDON (Alliance News) - Frontier Resources International PLC Monday said it is preparing to move onto the next stage of operations in Namibia and Zambi, including approaching possible interested partners on purchasing interest in the sites.
The oil and gas exploration company, with operations in the Middle East and southern Africa, said that after encouraging results from drilling the Owambo Basin in Namibia and the Kafue trough in Zambia, it is now preparing to proceed with the next phase of operations on the sites.
The company said this phase includes the acquisition of new block-wide airborne gravity and magnetic data in Zambia and an additional soil gas sampling survey and 2D seismic data acquisition programme in Namibia.
Frontier Resources also said that during the first quarter it started to approach industry partners with the intention of selling off interest in its Namibia and Zambia blocks.
The company said that as part of the potential farm-out of interest it has established an online virtual data-room to facilitate data review by interested parties and noted that during the second quarter it will open a virtual data room for parties to achieve interest in its Oman Block 38.
Frontier Resources shares were down 7.7% to 3.00 pence Monday.
By Tom McIvor; tommcivor@alliancenews.com; @TomMcIvor1
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