24 Mar 2014 07:00
For immediate release
24 March 2014
FRONTIER RESOURCES INTERNATIONAL PLC
("Frontier" or the "Company")
Farm-out update: Namibia and Zambia
The Board of Frontier (AIM Ticker: FRI), the AIM - traded international oil and gas exploration company with assets in Oman, Zambia and Namibia is pleased to provide shareholders with an operational update on its activities in Namibia and Zambia.
Frontier's Zambia Block 34 is located in the Kafue Trough in the southwestern region of the country and covers an area of approximately 6,427 square kilometers while the two Namibian Blocks, 1717 and 1817, are located in the Owambo Basin in northern Namibia and cover an area of approximately 18,933 square kilometers. Both licences are operated by Frontier which has a 100% paying interest with NAMCOR in Namibia and METPROSOL in Zambia retaining a 10% carry.
The Company is pleased with the encouraging results obtained to-date from the evaluations completed during 2013 and is now preparing to proceed with the next phase of operations. This phase includes the acquisition of new block-wide airborne gravity and magnetic data in Zambia and an additional soil gas sampling survey and 2D seismic data acquisition program in Namibia.
During the first quarter of 2014 Frontier has started to approach industry partners with the intention of farming out an interest in both Zambia and Namibia. As part of this potential farm-out process the Company has established an online virtual data-room to facilitate data review by interested parties.
During the second quarter of 2014 Frontier will open a virtual data room for parties interested in farming in to Oman Block 38.
Commentating on today's update, Jack Keyes, Frontier's CEO said "The results of the recent geological, geophysical and geochemical work in both Namibia and Zambia have been very encouraging and the Company now considers it timely to attract industry partners to join in our ongoing exploration activities."
Enquiries:
Frontier Resources International Plc | |
Jack Keyes, Chief Executive Officer | Tel: +1 (713) 962 0887 |
or | |
Barbara Spurrier, Finance Director | Tel: 020 3475 8108 |
Beaumont Cornish Limited (Nomad) | |
Michael Cornish / Roland Cornish | Tel: 0207 628 3396 |
WH Ireland Limited (Joint Broker) | |
James Joyce / James Bavister | Tel: 0207 220 1666 |
Beaufort Securities Limited (Joint Broker) | |
Christopher Rourke / Guy Wheatley | Tel: 020 7382 8300 |
Yellow Jersey PR Limited (Financial PR) | |
Dominic Barretto | Tel: +44(0) 7768 537 739 |
or | |
Anna Legge | Tel: +44 (0) 7747 788 221 |
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.