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Frontier Resources plunges after new placing

Tue, 21st Jul 2015 12:03

(ShareCast News) - Shares in Frontier Resources plunged over 10% on Tuesday, after the oil and gas explorer said it raised additional funds via a share placing.The group, which had placed shares to raise £205,000 on 17 July, raised a further £148,413 after issuing 42.4m shares at 0.35p each.In a short statement, the group said the proceeds from both placings will be used to provide additional working capitals while it continues to seek a partner for a farm-out deal of some of its projects in Oman and Namibia.The group, which owned almost £400,000, mostly because of delayed salary payments, to chief executive Michael Keyes, has written off £108.9m and settled £54.4m of those debts by issuing 5.6m to Keyes and finance director Barbara Spurries, who was owned £40,000.The remaining £272,224 will be paid if the company manages to secure a farm-out deal, which would see Frontier recoup at least £435,556 in historic exploration expenditure.Frontier shares were down 11.33% to 0.399p at 1202 BST.
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24 Mar 2014 11:40

Frontier Resources Offers Interest In Zambia And Namibia Sites

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 operati

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4 Feb 2014 12:09

Frontier Resources Extends Exploration Licence In Namibia

LONDON (Alliance News) - Frontier Resources International PLC Tuesday said the Minister of Mines and Energy in Namibia has granted the company a two year extension to its exploration licence in the Owambo Basin in Namibia. The oil and gas exploration company, with operations in the Middle E

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29 Jan 2014 09:09

Frontier Resources Confirms Oil Generating Source Rocks In Namibia

LONDON (Alliance News) - Frontier Resources International PLC Wednesday said its soil gas survey has confirmed that one or more oil generating source rocks lie within its block's 1717 and 1817 in Namibia. The oil and gas exploration company, with operations in the Middle East and southern A

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29 Jan 2014 08:23

UK MORNING BRIEFING: Shares Open Higher; Shell Sells Brazil Stake

LONDON (Alliance News) - Shares have opened higher Wednesday, as fears about emerging market economies has eased ahead of the results of the January US Federal Reserve meeting.

Royal Dutch Shell has announced another asset sale, this time 23% of its Brazilian offsho

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27 Jan 2014 10:33

Frontier Resources Accelerates Equity Swap Funding Deal Via Placing

LONDON (Alliance News) - Frontier Resources International PLC Monday said it will terminate its equity swap deal with YA Global Master SPV Ltd after accelerating the payments due under the swap by finding subscribers for all the swap shares held by YA Global. Under the equity swap deal the

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11 Nov 2013 12:14

Frontier Resources Subsidiary Cleared To Operate In Oman

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25 Sep 2013 09:30

Frontier Resources Pretax Loss Widens On Development Costs

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23 Sep 2013 11:48

Frontier Resources Receives Results From Zambia Land Gravity Survey

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16 Sep 2013 14:04

Frontier Resources Awards Data Contract For Oman Block To BGP

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9 Sep 2013 09:10

Frontier Resources International Starts Soil Gas Survey In Namibia

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5 Jul 2013 14:24

Frontier Resources begins trading on AIM

Frontier Resources began trading on AIM on Friday with over 110m ordinary shares in issue and a market capitalisation of 6.6m pounds. The oil and gas company, which has three onshore exploration projects in Oman, Zambia and Namibia, raised £1.8m before expenses through the placing of 30m new ordina

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