Frontier said the placing shares will represent 26.7% of its enlarged share capital. Chief Executive
At the time of its admission onto AIM in
As part of this potential farm-out process, the company established an online virtual data-room to facilitate data review by interested parties. Earlier this year, Frontier opened the virtual data room for parties interested in farming into Oman Block 38.
Frontier said the net proceeds of the placing will provide additional working capital to progress these farm-out discussions and enable additional technical analysis on Block 38.
The company anticipates funding its further exploration activity and general working capital from the proceeds of a farm-out of one or more of its interests in the second half of this year.
Frontier Resources shares were quoted down 1.5% at
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