30th Jul 2015 09:28
LONDON (Alliance News) - Frontier Resources International PLC Thursday said it is integrating new high resolution airborne magnetic data for two blocks in Namibia with its existing information to further help the company identify areas that need further work completed.
Frontier holds a 90% stake and operates blocks 1717 and 1817 in Namibia in partnership with the Namibian National Oil Co, or NAMCOR, which holds the other 10%.
As part of its strategy to develop a comprehensive, regional understanding of the Owambo basin, which the two blocks cover, Frontier exchanged data with Exploration Technology Inc and secured high resolution airborne magnetic data and the associated technical interpretation over a large area covering nearby blocks, it said.
The information recieved has determined the sediment thickness in the area by calculating and mapping the depth to the basement rocks and identified regional geologic trends in the subsurface.
The new data is now being added to Frontier's existing database which includes magnetic, gravity and seismic data.
"'These additional data will add to our already significant knowledgebase of the Blocks and further assist with the identification of areas requiring additional seismic data prior to drilling," said Chief Executive Jack Keyes.
Frontier shares were down 5% to 0.285 pence per share on Thursday morning.
By Joshua Warner; [email protected]; @JoshAlliance
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