International Frontier Resources Acquires North Sea Exploration Acreage
International Frontier has acquired a 50% interest in UK North Sea block 12/17.
International Frontier's partner, Palace Exploration Company (United Kingdom) Limited, has accepted the UK Department of Trade and Industry's offer for a promote license covering North Sea block 12/17. Palace elected to decline an offer from the DTI for a license covering block 18/10.
Block 12/17 is located in the Inner Moray Firth area off the east coast of Scotland. The license covers an area of 200 square kilometers in water depths of approximately 430 feet. The company's technical advisors, Exploration Geosciences, have mapped a Jurassic structure identified with 2-D seismic that is prospective for an oil accumulation in the 20 to 40 million barrel range. Additional 2-D seismic will be shot in 2006 to optimize a drilling location for 2007.
The Company has appointed Mark Groves-Gidney as an advisor to the Board of Directors, Mr. Gidney is a principal of Exploration Geosciences and will provide advice on the Company's North Sea and Northwest Territories exploration programs. Mr. Gidney has been granted options under the Company's stock option plan.
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