Frontier provides farm-out update for Namibia and 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 an operational update on its activities in Namibia and Zambia.
Frontier’s 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 while the two Namibian Blocks, 1717 and 1817, are located in the Owambo Basin in northern Namibia and cover an area of approximately 18,933 square kilometers. Both licences are operated by Frontier which has a 100% paying interest with NAMCOR in Namibia and METPROSOL in Zambia retaining a 10% carry.
The Company is pleased with the encouraging results obtained to-date from the evaluations completed during 2013 and is now preparing to proceed with the next phase of operations. 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 program in Namibia.
During the first quarter of 2014 Frontier has started to approach industry partners with the intention of farming out an interest in both Zambia and Namibia. As part of this potential farm-out process the Company has established an online virtual data-room to facilitate data review by interested parties.
During the second quarter of 2014 Frontier will open a virtual data room for parties interested in farming in to Oman Block 38.
Commentating on today’s update, Jack Keyes, Frontier’s CEO said “The results of the recent geological, geophysical and geochemical work in both Namibia and Zambia have been very encouraging and the Company now considers it timely to attract industry partners to join in our ongoing exploration activities.”
Source: FRONTIER RESOURCES INTERNATIONAL PLC