2 Apr 2015 07:00
For immediate release
2 April 2015
FRONTIER RESOURCES INTERNATIONAL PLC
("Frontier" or the "Company")
Operational Update: Sultanate of Oman
Block 38
The Board of Frontier (AIM Ticker: FRI), the AIM-traded onshore 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 the Sultanate of Oman.
The Company has received approval to exchange the Phase 1 work commitment of a 3D seismic survey for an exploration well with a 2D seismic survey.
During the past two years, Frontier has completed the re-processing of some of the existing 2D seismic data on the Block. This information has been integrated with historic seismic, potential field and well data as part of the comprehensive technical evaluation of the hydrocarbon prospectivity of the Block.
A direct consequence of this evaluation has been the identification of two potential structural leads not identified by previous operators. In addition, there is sufficient technical support to demonstrate the extension of the South Oman Salt Basin (SOSB), which is already producing oil, into the south eastern part of Block 38. The few historic wells drilled in this very large block did not penetrate any of the geologic formations considered to comprise each of the new independent leads.
As a result it has been concluded that the next exploration phase should be the drilling of a well into the most advanced of the structural leads. Frontier will soon start discussions with the tender board to begin the process to select suitable contractors to complete this work program.
Commentating on today's update, Jack Keyes, Frontier's CEO said "This modification to the work program will enable the Company to gain a comprehensive understanding of the deeper stratigraphy in this lightly explored part of Oman, while at the same time testing the hydrocarbon potential of a very large lead."
Enquiries:
Frontier Resources International Plc
Jack Keyes, Chief Executive Officer Tel: +1 (713) 962 0887
Neil Herbert, Chairman Tel: 020 7227 8872
Beaumont Cornish Limited (Nomad) Tel: 0207 628 3396
Michael Cornish
Roland Cornish
Beaufort Securities Limited (Broker) Tel: 020 7382 8300
Saif Janjua
Yellow Jersey PR Limited (Financial PR)
Dominic Barretto Tel: +44(0) 7768 537 739
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.
GLOSSARY OF TERMS
The following is a glossary of technical terms:
"2D" means two dimensional
"3D" means three dimensional
"Carbonates" is a general collective term for limestones and dolomites
"Clastics" means sedimentary rocks comprising weathered and eroded fragments of pre-existing rocks, as opposed to organic rocks (e.g. some limestones) or chemical rocks (e.g. evaporites)
"Lead" means a feature identified on seismic data that has the potential to become a prospect. Usually a Lead is associated with poorer quality or limited 2D seismic data
"Seismic" means use of sound waves generated by controlled explosions to ascertain the nature of the subsurface geological structures. 2D records a cross section through the subsurface while 3D provides a three dimensional image of the subsurface
Qualified Persons Statement
The scientific and technical information contained within this announcement has been reviewed and approved by Michael (Jack) Keyes, CEO of the Company. Mr Keyes has over 30 years' experience in the international oil industry specialising in exploration operations, project management and corporate management. Mr. Keyes completed his formal education at the University of Tulsa, Oklahoma with a Master's Degree in Exploration Geophysics, and is a member, inter alia, the American Association of Petroleum Geologists (AAPG), Society of Petroleum Engineers (SPE), Society of Exploration Geophysicists (SEG), Petroleum Exploration Society of Great Britain (PESGB), AIPN (Association of International Petroleum Negotiators), EI ("Energy Institute") and is the Qualified Person for the purposes of the AIM Guidance Note on Mining and Oil & Gas Companies dated June 2009.
Forward Looking Statements
Certain statements in this announcement are, or may be deemed to be, forward looking statements. Forward looking statements are identified by their use of terms and phrases such as ''believe'', ''could'', "should" ''envisage'', ''estimate'', ''intend'', ''may'', ''plan'', ''will'' or the negative of those, variations or comparable expressions, including references to assumptions. These forward looking statements are not based on historical facts but rather on the Directors' current expectations and assumptions regarding the Company's future growth, results of operations, performance, future capital and other expenditures (including the amount, nature and sources of funding thereof), competitive advantages, business prospects and opportunities. Such forward looking statements reflect the Directors' current beliefs and assumptions and are based on information currently available to the Directors. A number of factors could cause actual results to differ materially from the results discussed in the forward looking statements including risks associated with vulnerability to general economic and business conditions, competition, environmental and other regulatory changes, actions by governmental authorities, the availability of capital markets, reliance on key personnel, uninsured and underinsured losses and other factors, many of which are beyond the control of the Company. Although any forward looking statements contained in this announcement are based upon what the Directors believe to be reasonable assumptions, the Company cannot assure investors that actual results will be consistent with such forward looking statements.
ENDS