LONDON (Alliance News) - Frontier Resources International PLC Tuesday said interpretation of data on its Namibian blocks has shown several deep-seated basement structures which will serve as a guide for the company's continuing exploration programme.
The oil and gas exploration company with assets in Oman, Namibia and Zambia said it recently retained the services of Earthfield Technology to undertake a study to evaluate the depth to magnetic basement of aeromagnetic data over the Owambo Basin purchased from the Geological Survey of Namibia.
Frontier's Blocks 1717 and 1817 are located in the Owambo Basin in northern Namibia and cover an area of approximately 18,933 square kilometres. Frontier is operator with a 90% working interest, while NAMCOR, the Namibian National Oil Co, has a 10% carried interest in the licence.
The company said that mapping of the depth of its basement on site shows a deep basin with sediment thickness up to 10 kilometres in the central and northern part of the licence area, and shallow basements in the southern regions.
Frontier said that interpretation of the data has shown several deep-seated basement structures and the mapped positions of these structures will serve as a guide to optimally locate the focus areas of its continuing exploration programme.
The company said the Namibia programme will include an additional geochemical soil gas survey to be integrated with the encouraging results of its 2013 survey, followed by the acquisition of 2D seismic data.
"This new information improves our understanding of the geological evolution of the basin and should assist in our ongoing farm-out process to attract additional industry participation in the Blocks," Chief Executive Jack Keyes said in a statement.
Frontier Resources shares were up 13% to 1.84 pence, putting them in the top five AIM All-Share risers on Tuesday.
By Tom McIvor; tommcivor@alliancenews.com; @TomMcIvor1
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