13 Nov 2014 07:00
For immediate release
13 November 2014
FRONTIER RESOURCES INTERNATIONAL PLC
("Frontier'' or the "Company'')
Board Changes
Subscription and Issue of Equity
Board Changes and Subscription
The Board of Frontier (AIM Ticker: FRI), the onshore oil and gas exploration company with assets in Oman, Zambia and Namibia, is delighted to announce the appointment of Neil Herbert as a Director and Chairman of the Board of the Company with immediate effect.
Neil Herbert has also today subscribed £125,000 for 12,500,000 new Ordinary Shares ("Shares") at a subscription price of 1p per new Share and has been granted a warrant to subscribe at any time in the next 5 years for a further 12,500,000 Shares at an exercise price of 1p per new Share (the "Subscription"). On completion of the Subscription Neil Herbert will be interested in approximately 7.6 per cent. of the enlarged issued share capital of the Company.
Ric Piper will also step down as a director of the Company with effect from today. The Board is grateful to Ric for his guidance and contribution over the last two years during which the Company was admitted to AIM.
Frontier's CEO Jack Keyes commented:
"We are delighted to welcome Neil to the Board and look forward to the key contribution he will be able to make in the next key stage in our development".
Neil has over 23 years of experience in finance and over 16 experience in natural resources. He retired as Co-Chairman and Managing Director of energy focused investor Polo Resources Limited in 2013. Under his stewardship the company paid $185 million in special dividends following asset sales. Prior to this he was Finance Director of highly successful exploration investment group Galahad Gold PLC and from which Neil also became Finance Director of its most successful investment which was acquired in 2007. He has a wealth of experience as both an executive and non-executive director having managed and advised companies through asset acquisitions, disposals and company takeovers. He is a Fellow of the Association of Chartered Certified Accountants.
Neil Herbert commented:
"Since Admission in 2013 Frontier has made impressive progress with the interpretation of seismic data and well logs for its flagship project Block 38 in Oman. I look forward to working with management and investors as the Company reviews strategic options for the highly prospective Ghudun and Waghland Basins in Oman as well as its projects in Zambia and Namibia".
Issue of equity
The Company has today also issued 1,875,000 new Shares to Beaufort Securities Limited, the Company's broker, at a price of 1p per new Share, in settlement of advisory fees due from April 2014 to December 2014.
In aggregate, the total number of new Shares issued pursuant to the Subscription and to Beaufort Securities Limited amounts to 14,375,000 and the enlarged issued share capital of the Company will amount to 164,430,505 Shares. The new Shares will rank pari passu with the existing Shares and application will be made for the new Shares to be admitted to trading on AIM, which is expected to occur on or around 20 November 2014.
Further AIM Disclosures
Neil Lindsey Herbert, aged 48, has held the following directorships and / or partnerships in the past 5 years:
Current Directorships
| Past Directorships
|
Agroamerica Limited | Andina Gold Corp |
Anglo African Agriculture plc | ENK plc |
Bera Advisers Limited | Eshmond Films Limited |
Kemin Resources plc | Exmin Consulting Limited |
Premier African Minerals Limited | Ferrum Resources Limited |
Scion Resources Limited | GCM Resources plc |
Siderian Resources Capital Limited | GZ Laboratories Holdings Limited |
UrAmerica Limited | Haro Mercantile Inc |
Ironstone Resources Ltd | |
Minfer Holdings Limited | |
MUC Resources Limited | |
Nimini Holdings Limited | |
Peabody-Polo Resources BV | |
Polo Australasia Limited | |
Polo Arrieros Limited | |
Polo Bangladesh Limited | |
Polo Coal Limited | |
Polo Copper Corporation Limited | |
Polo Cuprita Limited | |
Polo Direction Limited | |
Polo Indocoal Holdings Limited | |
Polo Indogold Holdings Limited | |
Polo Iron Limited | |
Polo NV | |
Polo Resources Cooperatief U.A. | |
Polo Resources Limited | |
Signet Petroleum Limited | |
Sunrise Resources plc | |
Vitorian Properties Limited | |
World Coal Works Corporation | |
ZimDiv Holdings Limited | |
On completion of the Subscription Neil Herbert is interested in 12,500,000 Shares, representing 7.6 per cent of the Company's issued share capital, which are held through his self-invested personal pension plan.
There are no further disclosures on Neil Herbert as required under Schedule Two (g) (i)-(viii) of the AIM Rules.
Ric Piper's outstanding and accrued director fees of £27,666.67 have been paid and the contractually due fees in lieu of notice of £7,500 will be paid by 12 February 2015.
Total Voting Rights
Following the issue of the new Ordinary Shares, the total number of shares in issue with voting rights will be 164,430,505. This figure may be used by shareholders in the Company as the denominator for the calculation by which they will determine if they are required to notify their interest in, or a change of interest in, the share capital of the Company under the Financial Conduct Authority's Disclosure and Transparency Rules.
Enquiries:
Frontier Resources International Plc | |
Jack Keyes, Chief Executive Officer | Tel: +1 (281) 920 0061 |
Barbara Spurrier, Finance Director | Tel: 020 3475 8108 |
Beaumont Cornish Limited (Nomad) | |
Michael Cornish | Tel: 020 7628 3396 |
Roland Cornish | |
SP Angel Corporate Finance LLP (Joint Broker) | |
Richard Hail | Tel: 020 3463 2260 |
Beaufort Securities Limited (Joint Broker) | Tel: 020 7382 8300 |
Saif Janjua
|
A copy of this announcement is available from the Company's website www.friplc.com
About Frontier:
Frontier Resources International Plc, which was founded in April 2008, is focused on onshore oil and gas exploration and development in the Middle East and Southern Africa where the Company has technical knowledge and expertise. The Company currently has three exploration projects in Oman, Zambia and Namibia.
Frontier's immediate objectives are to continue developing its core exploration projects towards first production particularly in Oman where the Company's knowledge base is most advanced because of the proximity to producing oil and gas fields and the availability of existing seismic and well data.
The Company is incorporated in the United Kingdom with its registered office in London. It also maintains a technical and commercial office in the United States in Houston, Texas. Additionally, to support its regional operations in Southern Africa and the Middle East, offices are maintained in Namibia Zambia and Oman.
The Company's shares were admitted to AIM of the London Stock Exchange on 5 July 2013.
ENDS