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 East and southern Africa, said the licence covers its onshore blocks 1717 and 1718 in the area and is now valid until January 2016.
Frontier Resources said it applied for the extension following strong results during the initial phase of its exploration programme so that it can collect additional soil gas samples for geochemical analysis and to acquire 2D seismic data before any drilling.
The company announced in January that its first soil gas survey at the sites showed the presence of above background levels of methane, ethane, propane and butane gases which, by both their magnitudes and ratios, confirm the existence of one or more oil generating source rocks within the licence area.
The company is operator with a 90% working interest, while NAMCOR, the Namibian National Oil Company, has a 10% carried interest in the licence.
Frontier Resources International shares were untraded Tuesday at 3.50 pence.
By Tom McIvor; tommcivor@alliancenews.com; @TomMcIvor1
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