29th Jan 2014 09:09
LONDON (Alliance News) - Frontier Resources International PLC Wednesday said its soil gas survey has confirmed that one or more oil generating source rocks lie within its block's 1717 and 1817 in Namibia.
The oil and gas exploration company, with operations in the Middle East and southern Africa, said it recently completed a soil gas survey consisting of 903 sites on a roughly one kilometre spacing along roads and tracks within the licence blocks.
The company said the study showed the presence of above background levels of methane, ethane, propane and butane gases which, by both their magnitudes and ratios, confirm the existence of one or more oil generating source rocks within the licence area.
Frontier said that it now plans to extend the licence period so that additional sampling may take place during 2014, which will be used to further assist in developing targets for potential drilling.
The company is operator with a 90% working interest, while NAMCOR, the Namibian National Oil Company, has a 10% carried interest in the licence.
Frontier Resources shares were up 1.1% to 3.66 pence Wednesday.
By Tom McIvor; [email protected]; @TomMcIvor1
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