22 Jul 2014 10:48
For immediate release
22 July 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 the following 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 retained the services of Earthfield Technology of Houston, Texas to undertake a study to evaluate the depth to magnetic basement of aeromagnetic data purchased from the Geological Survey of Namibia.
Datasets used in the study consisted of:
(1) 91,000 line kilometers of high resolution aeromagnetic data acquired on a 200m x200m line spacing by World Geosciences
(2) Regional aerogravity data
(3) Topography maps
(4) Digital geologic maps and published articles
As part of the study Werner Deconvolution depth profiles were generated every 2 kilometers across the Blocks. Werner Deconvolution is an automated function for determining the depth to magnetic rocks in the subsurface, including the basement, from carefully processed magnetic data.
Mapping of the depth to basement solutions shows a deep basin with sediment thickness up to 10 kilometers (~33,000 feet) in the central and northern part of the licence area, and shallow basement overprinted with near surface volcanic intrusives in the southern part of the license area.
Interpretation of the data has revealed several deep seated basement structures. The mapped positions of these structures will serve as a guide to optimally locate the focus areas of the continuing exploration program which will include an additional geochemical soil gas survey to be integrated with the encouraging results of the 2013 survey, followed by the acquisition of 2D seismic data.
Commentating on today's update, Jack Keyes, Frontier's CEO said "The results of this modeling helps to constrain the results obtained previously from existing aerogravity data while confirming the presence of a thick sedimentary cover across most of the licence area. This new information improves our understanding of the geological evolution of the basin and should assist in our ongoing farm-out process to attract additional industry participation in the Blocks."
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: 020 7382 8300
Saif Janjua
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.