25th Mar 2014 06:49
(An item published at 1140 GMT March 24 misstated that the company had drilled in Namibia and Zambia rather than having completed soil gas surveys and land gravity surveys. The correct version follows.)
LONDON (Alliance News) - Frontier Resources International PLC Monday said it is preparing to move onto the next stage of operations in Namibia and Zambia, including approaching possible interested partners on purchasing interest in the sites.
The oil and gas exploration company, with operations in the Middle East and southern Africa, said that after encouraging results from soil gas surveys in the Owambo Basin in Namibia and land gravity surveys at the Kafue trough in Zambia, it is now preparing to proceed with the next phase of operations on the sites.
The company said this phase includes the acquisition of new block-wide airborne gravity and magnetic data in Zambia and an additional soil gas sampling survey and 2D seismic data acquisition programme in Namibia.
Frontier Resources also said that during the first quarter it started to approach industry partners with the intention of selling off interest in its Namibia and Zambia blocks.
The company said that as part of the potential farm-out of interest it has established an online virtual data-room to facilitate data review by interested parties and noted that during the second quarter it will open a virtual data room for parties to achieve interest in its Oman Block 38.
Frontier Resources shares were down 7.7% to 3.00 pence Monday.
By Tom McIvor; [email protected]; @TomMcIvor1
Copyright © 2014 Alliance News Limited. All Rights Reserved.
Related Shares:
FRI.L