If you would like to ask our webinar guest speakers from WS Blue Whale Growth Fund, Taseko Mines, Kavango Resources and CQS Natural Resources fund a question please submit them here.

Less Ads, More Data, More Tools Register for FREE

Pin to quick picksCPT.L Regulatory News (CPT)

  • There is currently no data for CPT

Watchlists are a member only feature

Login to your account

Alerts are a premium feature

Login to your account

Operational Update

28 Oct 2014 07:00

RNS Number : 4033V
Frontier Resources International
28 October 2014
 



For immediate release

28 October 2014

FRONTIER RESOURCES INTERNATIONAL PLC

("Frontier" or the "Company")

Operational Update

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.

Frontier is actively engaged in seeking industry partners to participate in its projects in Oman, Namibia and Zambia. As part of this farm-out process, the Company has established online data-rooms for Namibia and Zambia while data for Oman is available to interested parties for detailed review at the Houston office. At present over fifteen Companies have signed the Oman Confidentiality Agreement with several visiting the data room in Houston. Industry presentations by the Company's technical staff are ongoing. Status of the work completed on each is set out below.

Oman Block 38

· Frontier's 17,452 square kilometer Block 38 is located in the Dhofar Region of southwest Oman

· Block 38, as part of a larger concession, was operated by various companies including BP, PDO, Phillips and SINOPEC up to 2010 and sits within a petroleum province with oil production in Block 6 to the East operated by PDO and in various Blocks to the North

· 3 wells have been drilled on the Block, the most recent in 2001, providing geological and structural control

· 4,262 Kms of 2D seismic data were acquired by various operators between 1978 and 2005 with the most recent acquisition of ~1,300kms in 2005

· 817 Kms legacy 2D seismic across the Block were reprocessed in 2013 with significant improvements in image quality

· Reprocessing has led to identification of seismic markers previously unseen on legacy data with additional prospectivity

· An additional 574 Kms legacy 2D seismic were reprocessed during Q2 2014

· Gravity and magnetic modeling was undertaken in Q1 2014

 

Zambia Block 34

· Zambia Block 34 is located in the Kafue Trough in the southwestern region of the country and covers an area of approximately 6,427 square kilometers

· Zambia has a favorable fiscal regime with low political risk

· The Kafue Trough is considered to be a southwesterly extension of the East African Rift System

· A 2013 land gravity survey indicated the presence of a thick sedimentary section in the Block

· Geochemical analysis by Weatherford International of a core sample recovered from a shallow bore hole confirmed the presence of source rock

· An airborne, block-wide gravity and magnetic survey is in the planning stage

· Planning for a soil gas survey is also underway

 

Namibian Blocks 1717 and 1817

· Namibian Blocks 1717 and 1817 are located in the Owambo Basin in northern Namibia and cover an area of approximately 18,933 square kilometers

· Analysis of the results from a 2013 soil gas survey performed by ETI in Houston indicate strongly the presence of at least one oil bearing source rock underlying the Blocks

· 480 Kms of legacy 2D seismic data have been reprocessed

· Planning in ongoing for an additional soil gas survey, land gravity data, and a 2D seismic survey in 2014/2015

All licences are operated by Frontier which, in Namibia, has a 100% paying interest with NAMCOR carried for 10% through the exploration phase, and in Zambia, a 100% paying interest with local partner METPROSOL retaining a 10% carry. In Oman, Frontier has a 100% interest. The licence is held under an Exploration and Production Sharing Agreement with the Omani Ministry of Oil and Gas.

Commentating on today's update, Jack Keyes, Frontier's CEO said:

"Following our successful work programs to date, we are now actively looking for suitably qualified co-venturers to join Frontier in the next phase of exploration on each of our projects. The level of interest shown by industry has been very encouraging and we will update shareholders in due course".

 

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)

Michael Cornish

Tel: 020 7628 3396

Roland Cornish

 

SP Angel Corporate Finance LLP (Joint Broker)

Richard Hail

Tel: 020 3463 2260

Beaufort Securities Limited (Joint Broker)

Tel: 020 7382 8300

Saif Janjua

 

Yellow Jersey PR Limited (Financial PR)

Dominic Barretto

Tel: 07768 537 739

Anna Legge

Tel: 07747 788 221

 

A copy of this announcement is available from the Company's website www.friplc.com

 

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

 "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

This information is provided by RNS
The company news service from the London Stock Exchange
 
END
 
 
MSCBLBDGBBDBGSR
Date   Source Headline
2nd Dec 20204:25 pmRNSChange of name to MyHealthChecked Plc
2nd Dec 202011:06 amRNSSecond Price Monitoring Extn
2nd Dec 202011:01 amRNSPrice Monitoring Extension
2nd Dec 20207:00 amRNSGenomic testing service launch and Change of name
24th Nov 20204:41 pmRNSSecond Price Monitoring Extn
24th Nov 20204:36 pmRNSPrice Monitoring Extension
23rd Nov 20207:00 amRNSAcquisition of home-use genetic testing company
28th Sep 20207:00 amRNSHalf-year Report
22nd Jul 20207:00 amRNSChange of Adviser
6th Jul 20207:00 amRNSCommercial update; Change of registered office
2nd Jul 20203:24 pmRNSResult of AGM
5th Jun 20207:01 amRNSDirector/PDMR Shareholding
5th Jun 20207:00 amRNSNotice of Annual General Meeting
2nd Jun 20207:00 amRNSCommercial update
29th May 20207:00 amRNSFinal Results
4th May 20207:00 amRNSPartnership agreement with Abingdon Health
27th Apr 20208:16 amRNSDirector/PDMR Shareholding
24th Apr 202011:26 amRNSResult of GM & Completion of Fundraise
14th Apr 20209:27 amRNSHolding(s) in Company
14th Apr 20207:00 amRNSManufacturing outsourcing agreements for myLotus®
8th Apr 20207:00 amRNSPlacing and Subscription to raise £1.9 million
29th Jan 20207:00 amRNSTrading Update
14th Nov 20197:00 amRNSBoard Appointments
13th Nov 20198:35 amRNSBoard changes - replacement
13th Nov 20197:00 amRNSBoard Changes
31st Oct 20197:00 amRNSConcepta announces first myLotus® UK birth
25th Oct 20197:00 amRNSBoard Changes
30th Sep 20197:00 amRNSInterim Results
30th Sep 20197:00 amRNSFirst myLotus® UK Fertility Clinic collaboration
29th Jul 20197:00 amRNSGrant of Options
9th Jul 20197:00 amRNSmyLotus® pregnancies in double figures
13th Jun 20192:01 pmRNSResult of AGM
21st May 20199:00 amRNSNotice of AGM
14th May 20197:01 amRNSAnnual Results
14th May 20197:00 amRNSConcepta announces first myLotus® pregnancies
30th Apr 20194:28 pmRNSHolding(s) in Company
30th Apr 20191:46 pmRNSTR-1: form for notification of major holdings
29th Apr 20191:20 pmRNSTR-1: notification of major holdings
26th Apr 201910:52 amRNSDirector/PDMR Shareholding
8th Apr 20197:00 amRNSPlacing to raise £2.3m; Notice of General Meeting
29th Mar 20197:00 amRNSConcepta to supply myLotus® to Boots UK
12th Mar 20197:00 amRNSConcepta to supply myLotus® to Walgreens Boots
17th Dec 20187:00 amRNSmyLotus® successful UK launch
31st Oct 20187:00 amRNSmyLotus® launch at The Fertility Show, London
29th Oct 20187:00 amRNSmyLotus gains CE-mark regulatory approval
5th Oct 20182:42 pmRNSHolding(s) in Company
28th Sep 20187:00 amRNSGrant of Options
27th Sep 20184:41 pmRNSSecond Price Monitoring Extn
27th Sep 20184:37 pmRNSPrice Monitoring Extension
27th Sep 20187:01 amRNSDirectorate change

Due to London Stock Exchange licensing terms, we stipulate that you must be a private investor. We apologise for the inconvenience.

To access our Live RNS you must confirm you are a private investor by using the button below.

Login to your account

Don't have an account? Click here to register.

Quickpicks are a member only feature

Login to your account

Don't have an account? Click here to register.