Frontier Resources International plc
LSE : FRGP

December 21, 2012 11:28 ET

Update on Strategic Initiatives

                                                                                   Friday, 21 December 2012
                                                                                               GB00B3K9ML24
                                   FRONTIER RESOURCES INTERNATIONAL PLC
                                       ("Frontier" or the "Company")
                                                     
                                      Update on Strategic Initiatives

The  Board of Frontier Resources International Plc, the ISDX Growth Market (Ticker: FRGP) international oil
and  gas  exploration  company with assets in Oman, Namibia and Zambia, is pleased to provide  shareholders
with a year end update on certain strategic initiatives.

On 15 May 2012, the Board notified shareholders that Frontier intended to apply for the Company's shares to
be admitted to trading on the AIM Market.

Since then, good progress has been made.

Board

On 3 December 2012, the Board announced the appointment of Ric Piper as Non-Executive Chairman, effective 
from 1 December 2012. Ric has significant experience of AIM listed companies. The Board anticipates 
appointing a further Non-Executive Director in early 2013.

Block 38 in Oman

Block  38,  located  in the Dhofar Region of southwest Oman, was awarded to Frontier in October  2012.  The
block covers approximately 17,425 square kilometers and is bounded to the west by the Republic of Yemen, to
the  north  is  the Rub Al Khali Basin and the Kingdom of Saudia Arabia and to the east lies  the  prolific
South  Oman  Salt  basin (SOSB). The Block is separated from the highly productive  SOSB  by  a  north-east
trending linear basement feature known as the Ghudun-Khasfah High. Further information is provided  on  the
Frontier website www.friplc.com/oman.php, including an Oman Project Information Memorandum.

In  November 2012, the Board commissioned a Competent Person's Report ("CPR") on Block 38. The CPR has  now
been completed and the key findings from it will be published as soon as consent to do so has been obtained
from  the  Omani  authorities.  Based on data from previous exploration  efforts  and  the  results  of  an
independent evaluation by SLR Consulting, Frontier believes that Block 38 contains an untested  salt  basin
with  exploration potential analogous to the other proven salt basins of Oman, particularly the  SOSB  that
lies approximately 50 kilometres to the east.

Exploration targets in Block 38 include carbonate stringers embedded in the Ara group salts lying at depths
of  between 3,000 and 5,000 metres. Secondary targets are within the shallower Haima group which had  minor
oil  shows  during  previous drilling and the deeper Buah Formation which has proven to be  gas  productive
elsewhere in Oman.

The  Board  continues to consider a number of potential Work Programmes for Block 38 and the  funding  that
would  be  required  to undertake particular programmes, from reprocessing and aerogravity  to  3D  seismic
acquisition  and potential drilling. At this stage of the Board's consideration, depending on  the  Board's
determination of the final Work Programme, the funding requirements could be between USD5 million and USD20 
million.

Current Fundraising

In  order  to  provide  working  capital for the Company whilst it assesses its  immediate  Work  Programme
priorities, the Company is currently raising up to GBP250,000 through the issue of new ordinary shares  at 
a price of 8 pence per share.

Further information will be provided in due course.

The Directors of Frontier are responsible for the contents of this announcement.

Contact Details:
Frontier Resources International Plc.
Mr. Jack Keyes
Telephone: U.S. +1 (281) 920-0061

Mr Ric Piper
Telephone: +44 7966 381974

Corporate Adviser
St Helens Capital Partners LLP
Duncan Vasey or Mark Anwyl
Telephone: UK +44 207 368 6959

Contact Information

  • Frontier Resources International plc