16 May 2014 07:00
For immediate release
16 May 2014
FRONTIER RESOURCES INTERNATIONAL PLC
("Frontier" or the "Company")
Operational Update: Sultanate of Oman
Completion of Data Interpretation
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 the Sultanate of Oman.
Frontier's 100% owned Block 38 (the "Block") is located in the Rub Al Khali Basin in southwest Oman and covers a surface area of approximately 17,425 square kilometers. An Exploration and Production Sharing Agreement (EPSA) was signed on 25 November 2012.
Frontier is the operator.
The Company has now completed the initial interpretation of available legacy 2D seismic data, both original and those data re-processed during 2013 by BGP in Houston. These reprocessed data have enabled Frontier to identify geologic horizons previously unseen on the original seismic.
Frontier is pleased to announce that it has identified a number of potentially attractive exploration targets. These targets, or their stratigraphic equivalents, include formations within Precambrian - Cambrian units, many of which contain hydrocarbons at the analog Khazzan - Makarem Field in central Oman currently under development by BP as presented at the Gas Arabia Summit, December 2011.
In addition to the above formations there is also the potential presence of an Ara formation intra- salt play on the Block as seen after recent reprocessing of a test line. Based on this encouraging information, Frontier has decided to reprocess up to an additional 400 kilometers of legacy 2D seismic data over the area where this lead was identified.
There is a plan to acquire new seismic data to mature the identified leads to prospect level and accordingly the company is hi-grading the portfolio to determine the optimal location for a 3D seismic survey.
This update has been reviewed and approved for release by the Ministry of Oil and Gas of the Sultanate of Oman.
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: 020 7628 3396
Michael Cornish
Roland Cornish
W.H.Ireland Limited (Joint Broker)
James Joyce /James Bavister Tel: 020 7220 1666
Beaufort Securities Limited (Joint 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
"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, of the American Association of Petroleum Engineers (AAPG), Society of Petroleum Engineers (SPE), Society of Exploration Geophysicists (SEG), Petroleum Exploration Society of Great Britain (PESGB) 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