Trading update and appointment of Joint Broker

RNS Number : 3169G

Independent Resources PLC

03 March 2015

 



3 March 2015

Independent Resources plc

("IRG" or "the Company")

Trading update and appointment of Joint Broker

Update on Ksar Hadada

Management continue to progress farm out discussions in relation to the Group's working interest in the Ksar Hadada licence onshore Tunisia.  The opportunity is being marketed by Envoi and a number of third parties have expressed interest and are currently evaluating the opportunity.

The online data room remains open and technical presentations continue to be held with additional potential partners. Securing a farm out remains a priority and the Company will look to update shareholders in due course on developments. It should be noted that the economics of the Ksar Hadada opportunity are robust at today's lower oil prices and would still remain favourable at prices below US$40 per barrel.

Business Development

The current oil price environment and IRG's experience in the industry and region has offered up a number of new and exciting potential investment opportunities. The Company is actively reviewing a number of these opportunities and will look to update the market as and when appropriate.

Appointment of Joint Broker

IRG are pleased to announce the appointment of Brandon Hill Capital, a broking and advisory firm specialising in natural resources, as joint broker to the Company alongside Charles Stanley Securities with immediate effect.

Oliver Stansfield CEO of Brandon Hill Capital commented:

"We are pleased to have formalised our relationship with Independent Resources Group and look forward to assisting the management team in executing their investment strategy to build a company of scale focused on the Mediterranean basin, especially North Africa."

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

Greg Coleman				Independent Resources plc	020 3367 1134
Phil Davies				Charles Stanley Securities	020 7149 6942
Carl Holmes				(Nominated Adviser & Broker)
Oliver Stansfield				Brandon Hill Capital	020 3463 5000
Jonathan Evans				(Joint Broker)
Simon Hudson				Tavistock Communications	020 7920 3150

 

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