LONDON (Alliance News) - Frontier Resources International PLC Tuesday said it has completed an in-field reconnaissance survey at its licenses in the Owambo Basin in northern Namibia, and said it plans to gather additional soil gas samples over prioritised areas which it will use to assist in delineating potential oil-prone areas.
Results from a previous oil gas survey in 2013 confirmed the presence of one or more oil generating source rocks in the licence area. It has integrated these results with a recently completed study to determine the thickness of sediments in the licence and to allow it to further focus on the most promising areas.
Shares in Frontier Resources are trading up 9.4% at 0.875 pence Tuesday afternoon.
By Hana Stewart-Smith; hanassmith@alliancenews.com; @HanaSSAllNews
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