LONDON (Alliance News) - Frontier Resources International PLC on Tuesday said it has entered into talks with potential Middle East-based partners to farm-in to the Block 38 oil prospect in Oman.
Frontier said any formal farm-in deal would include a carried interest for the company through the initial drilling programme and the repayment to Frontier of the costs it has incurred to date, totalling around USD1.6 million.
Frontier Resources shares were down 9.4% to 0.702 pence on Tuesday.
By Sam Unsted; samunsted@alliancenews.com; @SamUAtAlliance
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