23 Jul 2013 07:00
For immediate release 23 July 2013
FRONTIER RESOURCES INTERNATIONAL PLC
("Frontier" or the "Company")
Operational Update: Zambia
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 Zambia.
Frontier's Zambian block, located in the Kafue Trough in southwestern Zambia, covers an area of approximately 6,427 square kilometers. A four year exploration licence was granted on 25th March 2011. Frontier is the operator with a 90% working interest while Metprosol, a local Zambian company, has a 10% carried interest in the licence.
The Company has recently completed the acquisition of land gravity data along two profiles across its concession, Block 34 ('The Block"), in southern Zambia. The profiles were selected to give maximum information regarding structure and sediment thickness estimates across the rift basin. The length of the gravity survey profiles was 210 kilometers. Ground operations were contracted to Symons Geophysical Company of Windhoek, Namibia with supervision by Frontier's local representative. This gravity survey is part of Frontier's early reconnaissance exploration work and is a normal first step during the initial evaluation phase of a little known, previously unexplored basin.
Results from this survey, combined with the Company's regional knowledge should help to reduce the geologic uncertainty in the area by delineating basin boundaries and basement structures. These basement structures are of particular interest as this information can assist in defining the thickness of the overlying sediments which in turn is related to hydrocarbon source-rock maturity. This can ultimately be related to the expected volumes and type of hydrocarbons generated.
Results of the gravity survey will also be used to design any additional more detailed gravity or magnetic surveys and/or seismic surveys that Frontier may undertake during its ongoing evaluation of the Block.
The survey was completed on 15 July 2013 and final results should be available during August.
Additional information about the gravity survey and results are available on the website under Zambia Operations: http://www.friplc.com/index.php/operations/zambia
Commentating on today's update, Jack Keyes, Frontier's CEO said "Acquisition of these two land gravity profiles represents the first in field operations undertaken by Frontier on the Block. The survey was completed safely and without incident. We look forward to receiving and assessing the final results during August 2013 to enable us to plan the next exploration activities for the Block"
Enquiries:
Jack Keyes, Chief Executive Officer Tel: +1 (713) 962 0887
Barbara Spurrier, Finance Director Tel: 020 3475 8108
Beaumont Cornish Limited
Nominated Adviser Tel: 020 7628 3396
Michael Cornish/Roland Cornish
Beaufort Securities Limited Tel: 020 7382 8300
Broker
Christopher Rourke / Guy Wheatley
Yellow Jersey PR Limited
Financial PR
Dominic Barretto/Anna Legge Tel: 07768 537 739
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.