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Houston-based independent Frontier Resources is looking to sell part of its 100% stake in the Block 38 exploration license in south-west Oman on the border with Yemen, in which the company has already identified several potentially attractive exploration targets.
Minnow Frontier has spent $1.6mn on “geophysical and geological studies” during an initial three-year exploration period, but lacks the cash to carry out the exploration well and 2D seismic survey that it is committed to undertake under a second three-year period to 2018.
Frontier signed an exploration and production sharing agreement with the Omani authorities in late 2012 – the company’s first foray into the Middle East (MEES, 12 October 2012). Its other assets are in Namibia and Zambia, which are both also in the exploration phase. (CONTINUED - 335 WORDS)