Application for Ksar Hadada Permit Extension

RNS Number : 8501V

Independent Resources PLC

21 April 2016

 

For immediate release

21 April 2016

INDEPENDENT RESOURCES PLC

("Independent Resources" or the "Company")

Ksar Hadada Permit

Application for Permit Extension

Further to the announcement of 7 April 2016 the Board of Independent Resources plc ("Independent Resources" or the "Company"), the AIM listed oil and gas exploration and production company (AIM:IRG) provides the following update regarding the Ksar Hadada hydrocarbon exploration permit, Tunisia (the "Permit").

Entreprise Tunisienne d'Activités Pétrolières ("ETAP"), Tunisia's national oil company, has at the request of Independent Resources Ksar Hadada Limited ("IRKH"), a wholly owned subsidiary of the Company and sole contractor for the Permit, submitted an application for a one year extension to the permitting authority Direction Générale de l'Energie ("DGE")).

The application is expected to be heard by the Comité Consultatif des Hydrocarbures ("Consultative Commission on Hydrocarbons" or "CCH") later this quarter and if successful the extension will run from the current expiry date until 7 August 2017.

The proposed minimum work obligation for the Permit will comprise the acquisition, processing and interpretation of up to 300 km² of 3D seismic, and the drilling of two new exploratory wells replacing the obligation to drill one new exploratory well and re-enter a well drilled previously on the Permit.

The location of the additional exploratory well will be chosen collaboratively with ETAP and IRKH is keen to target the greater exploration potential identified in the Acacus play through the technical work carried out by IRKH as operator and confirmed by the Scotforth RSDD-H survey carried out in 2015.

Further announcements will be made in due course.

Greg Coleman, CEO, stated:

"We have been engaged in ongoing discussions with ETAP in order to prepare our application for the extension and to advance our scope to target the exploration potential we see in the Acacus.

We believe the proposed work programme offers greater potential to complete a successful exploration programme on the permit and look forward to receiving CCH approval in order to progress discussions with potential farm-in partners."

For more information, please visit www.ir-plc.com or contact:

Greg Coleman		Independent Resources plc	020 3367 1134
Adam James		Panmure Gordon (UK) Limited	020 7886 2500
		(Nominated Adviser & Joint Broker)
Oliver Stansfield		Brandon Hill Capital	020 3463 5000
Jonathan Evans		(Joint Broker)
Simon Hudson		Tavistock Communications	020 7920 3150

 

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