10 Nov 2015 17:02
For immediate release
10 November 2015
FRONTIER RESOURCES INTERNATIONAL PLC
("Frontier" or the "Company")
Operational Update: Sultanate of Oman
Block 38 EPSA extension
Frontier's 100%-owned Block 38 is located in the Rub Al Khali Basin in the southwest of the Sultanate of Oman and covers a surface area of approximately 17,425 square kilometers. A six year Exploration and Production Sharing Agreement (EPSA), comprising two three-year phases, was signed on 25 November 2012. Frontier is the operator.
The Company has been informed by the Sultanate of Oman Ministry of Oil that the Ministry had granted Frontier's request to extend the initial term of the EPSA for 24 months (i.e. to 25 November 2017) subject to Frontier providing a bank guarantee for the amount required to conduct the amended work programme below, which had been agreed earlier between Frontier and the Ministry:
- Acquire, process and interpret 1,000km of 2D seismic; and
- Drill one exploration well to the Nafun Group.
All other terms of the EPSA remain in full force.
A further announcement will be made in due course.
Enquiries:
Frontier Resources International Plc
Neil Herbert, Chairman Tel: +44 07785 957784
Jack Keyes, Chief Executive Officer Tel: +1 (713) 962 0887
Beaumont Cornish Limited (Nomad) Tel: 0207 628 3396
Michael Cornish
Roland Cornish
Beaufort Securities Limited (Broker) Tel: 020 7382 8300
Zoe Alexander