21 Jan 2016 12:43
For immediate release
21 January 2016
FRONTIER RESOURCES INTERNATIONAL PLC
("Frontier", the "Company" or the "Group")
Corporate Update
Namibia
On 4 February 2014 the Board of Frontier (AIM Ticker: FRI), announced that the Minister of Mines and Energy in Namibia (the "Minister") had granted the Company a two year extension to its exploration licence covering onshore Blocks 1717 and 1718 in the Owambo Basin. The original licence, awarded in January 2012, was renewed until 20 January 2016 (the "First Extension Period"). The First Extension Period has now expired. The Company intends to consider in the context of current market and oil sector conditions with the Ministry if and on what basis the licence might be extended or re-issued as may be applicable for any further period. The Company still has an urgent need to arrange additional funding for its immediate working capital requirements over and above any potential licence commitments and consequently there can be no certainty that the Company would proceed in any event with any subsequent extension or reissue should the Ministry so agree.
The Board is continuing to consider all the options for the potential ongoing funding of the Company which could include an issue of new equity, the disposal of part or all of the Group's existing licence interests and possibly the investment in new projects outside of the oil sector.
A further announcement will be made in due course.
The Company has also become aware of erroneous postings on various financial community websites in respect of purported broker research on the Company. There is no such research and therefore any such postings together with references to any broker share price target should be disregarded.
Enquiries:
Frontier Resources International Plc
Jack Keyes, Chief Executive Officer Tel: +1 (713) 962 0887
Beaumont Cornish Limited (Nomad) Tel: 0207 628 3396
Michael Cornish
Emily Staples
Beaufort Securities Limited (Broker) Tel: 020 7382 8300
Zoe Alexander