7 April 2015
Frontier Resources International plc
('Frontier' or the 'Company')
Final Results
for the Year Ended 31 December 2014
The Board of Frontier (AIM:FRI), the onshore oil and gas explorer with assets in Oman, Zambia and Namibia is pleased to provide shareholders with the final results for the year ended 31 December 2014 (the 'Period').
Summary
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Loss for year after taxation of $1,225,000 (2013: $1,833,000).
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$1,141,000 (£683,000) raised by private placement and subscriptions net of costs, during the Period.
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Cash balance of $165,000 (2013: $366,000) at year end.
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In Oman, the re-processing results of legacy 2D seismic were integrated into the overall seismic dataset on Block 38 enabling Frontier to optimize the location of any future seismic surveys or drilling locations. This evaluation has identified two large structural leads not identified by previous operators
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In Namibia, Frontier obtained a two year extension to the licence period so that additional geochemical sampling and seismic acquisition may take place. Frontier also contracted Earthfield Technology of Houston, Texas to perform a depth to magnetic basement study over the Blocks.
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In Zambia, results and interpretation of the gravity profiles combined with the results of source rock analysis on a core sample has greatly improved the Company's understanding of the potential prospectivity of Block 34.
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Appointment of Neil Herbert as a Director and Chairman of the Board.
Commenting on today's results, Chairman, Neil Herbert, said: "Our projects in Oman, Namibia and Zambia have progressed well during the Period, however, as we have previously stated, Frontier needs substantial financial resources to develop our assets. As a result we continue to be actively engaged in seeking industry partners to participate in our projects.
"In Oman, the next exploration phase should be the drilling of a well into the most advanced of the structural leads and we have received approval from the Ministry of Oil and Gas to exchange the Phase 1 work commitment of a 3D seismic survey for an exploration well and 2D seismic survey. In Namibia, results of the study will be used both to guide the locations for the next phase of soil gas sampling, and determine preferential areas for 2D seismic acquisition, and in Zambia, we are now actively planning the next phase of the exploration programme which may include the acquisition of additional gravity and/or magnetic data and soil gas analysis over the entire Block.
"With this activity in the pipeline we were pleased to announce a conditional share subscription for £1,700,000 (equivalent to $2,533,000) and interim US$200,000 loan facility with AGR Energy Limited No. II, following the Period end".
The full text of the preliminary unaudited results is available to download here.
Enquiries:
Frontier Resources International Plc
Jack Keyes, Chief Executive Officer
Neil Herbert, Chairman
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Tel: +1 (281) 920 0061
Tel: +44 (0) 020 3475 8108
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Beaumont Cornish Limited (Nomad)
Michael Cornish
Roland Cornish
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Tel: +44 (0)20 7628 3396
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Beaufort Securities Limited (Broker)
Saif Janjua
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Tel: +44 (0)20 7382 8300
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Yellow Jersey PR (Financial PR)
Anna Legge
Dominic Barretto
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Tel: +44 (0)7747 788 221
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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 particularly in Oman where the Company's knowledge base is most advanced because of the block's proximity to other 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 Oman, Namibia and Zambia.
The Company's shares were admitted to AIM of the London Stock Exchange on 5 July 2013.