29 Jan 2014 07:00
For immediate release
29 January 2014
FRONTIER RESOURCES INTERNATIONAL PLC
("Frontier" or the "Company")
Operational Update: Namibia
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.
Frontier's Blocks 1717 and 1817, located in the Owambo Basin in northern Namibia, cover an area of approximately 18,933 square kilometers. Frontier is operator with a 90% working interest while NAMCOR, the Namibian National Oil Company, has a 10% carried interest in the licence.
The Company recently completed a soil gas survey consisting of 903 sites on an approximate one kilometer spacing along roads and tracks within the licence blocks. The purpose of the survey was to determine if a hydrocarbon generating source rock is present in the area and, if so, whether it has generated oil or gas.
The samples were shipped from Namibia to Houston and analysed at Exploration Technologies Inc. specialised laboratory. The results show the presence of anomalous, above background levels of methane, ethane, propane and butane gases which, by both their magnitudes and ratios, confirm the existence of one or more oil generating source rocks within the licence area. Based upon the results of this initial survey and the fact that the samples were acquired only along widely spaced roads and tracks, Frontier plans to extend the licence period so that additional sampling may take place during 2014. This new soil gas data will be used to further assist in delineating potential oil-prone areas that will be high-graded for 2D seismic acquisition and the integration of pertinent geologic data.
Commentating on today's update, Jack Keyes, Frontier's CEO said: "The results of this survey confirming the presence of oil generating source rocks are very encouraging as we initially considered the area to have a high probability of being only gas prone. We look forward to executing the next phase of our exploration activity with the acquisition of additional soil gas samples".
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) Tel: 0207 628 3396
Michael Cornish
Roland Cornish
W.H.Ireland Limited (Joint Broker) Tel: 0207 220 1666
James Joyce
James Bavister
Beaufort Securities Limited (Joint Broker) Tel: 0207 382 8300
Christopher Rourke
Guy Wheatley
Yellow Jersey PR Limited (Financial PR)
Dominic Barretto Tel: 07768 537 739
Anna Legge Tel: 07747 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.