East Ghazalat Update

RNS Number : 7536B

Independent Resources PLC

21 June 2016

 

FOR IMMEDIATE RELEASE

21 June 2016

Independent Resources plc

("IRG" or the "Company") 

EAST GHAZALAT UPDATE

Independent Resources is pleased to announce that our 50 per cent. owned associate Independent Resources Egypt Limited ("IRE") has now received security clearance from the Egyptian authorities and is formally registered with the Egyptian General Petroleum Corporation ("EGPC"). 

IRE have put in place the paperwork for the next step which will be Commercial Registration and the receipt of an Egyptian Tax Card to formally allow IRE to receive accrued revenues from 1 July 2015, the effective date of the acquisition of East Ghazalat.  The final step of the registration process should be completed in a few weeks with revenue receipt to follow once invoices are verified and the EGPC payment process commences. 

The completion of the registration process approves IRE to acquire further Egyptian licence interests.

CEO comment

Greg Coleman, CEO of IRG, commented:

"EGPC have been very supportive of our entry into the country and we look forward to building on our position through participation in upcoming licence rounds and the acquisition of further interests where the Company can demonstrate its operational and commercial capability to build production and reserve levels."

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

Greg Coleman Adam James Oliver Stansfield Jonathan Evans Simon Hudson

Independent Resources plc Panmure Gordon (UK) Limited (Nominated Adviser & Joint Broker) Brandon Hill Capital (Joint Broker) Tavistock Communications

020 3367 1134 020 7886 2500 020 3463 5000 020 7920 3150

 

END

 

 

MSCFMMPTMBITBLF