Final Results

Independent Resources PLC
23 November 2007

  Independent Resources plc


              Final Results for the fifteen month period ended 30 September 2007


Highlights



•  Partnership discussions at Rivara
•  Positive results from Fiume Bruna
•  New prospects mapped at Ksar Hadada, partnership discussions
•  Loss before taxation: £656,359 (2006: £454,691 for 12 months)
•  Liquid resources as at 30 September 2007: £2.56 million



Chairman's statement



In reporting the progress made by Independent Resources plc ('Independent
Resources', the 'Company' or the 'Group') in the 15 month period ended 30
September 2007, I would like to begin by relaying some very powerful comments
made recently by Fulvio Conti, CEO of Enel S.p.A., the Italian power and gas
company.  In a presentation made to Italy's Chamber of Deputies on 25 September
2007, he reminded them of Italy's extreme and growing dependence on imported
natural gas to meet its energy needs.  He pointed out, in particular, that in
January 2006 all sources of gas supplies (import transportation, national
production and gas from storage) were at their technical limits despite
government interventions to limit consumption.  He also highlighted the
difficult and time-consuming authorisation process for all energy assets which
would allow Italy to enjoy a less precarious situation.  In addition, he
reminded the Members of Parliament that Italy's annual demand for gas is
expected to grow by another 15 billion cubic meters over the nine year period
following the crisis of almost two years ago, which laid bare just how
vulnerable Italy's energy infrastructure has become.




Our shareholders are already well aware that against this backdrop and with its
planned underground storage facility ('UGS') at Rivara in the Po Valley,
Independent Resources has positioned itself to become a key player in Italy's
gas storage market.  We must recognise, however, that the project is not moving
as quickly as we would like, despite continued positive momentum with
environmental clearances.  We are having to spend time carefully communicating
to a concerned local population both the benign aspects and the material
benefits of the planned facility and although we can rely on the national and
regional governments to remind everybody what is at stake, we are seeking above
all to carry the local community with us.  In the coming months we believe that
we will be in a position to provide the guarantees that the local population
justly demands, fully addressing issues of fundamental public interest.




As we announced in June, one key aspect of our approach has been the engagement
of Italy's Banca Intesa San Paolo to advise us on negotiations with leading
players involved in the gas supply and distribution industry who are actively
seeking a stake in the Rivara project.  Our appointment of advisers followed
approaches from major integrated and non-integrated gas majors, who are keen to
become users and/or operators of a large, high-performance storage asset located
at the central point of Italy's gas supply system.  Many gas operators in Italy
are unable to execute a long-term business plan without predictable access to
significant, low-cost and reliable storage.




We are currently reviewing these approaches with our advisers and we have
indicated to interested parties that if the conditions are right, we would
welcome the opportunity to form an early-stage strategic partnership.   Our
strategy leads us to favour major integrated gas companies with existing storage
assets but these companies also tend to commit more slowly than more aggressive
gas consumers and traders.  We cannot predict at this stage what will be the
outcome of the process, but will of course keep shareholders informed.
Certainly a strategic partner would enable the Company to allocate its own
resources more evenly across all of its projects.



We remain confident that Rivara is set to become a vital and reliable
centrepiece for Italy's security of supply.   Not only does it sit at the
central point in the Italian gas system but it is also located at what we
believe will become the hub of the Southern European 'gas motorway'.  It is
noteworthy that our potential strategic partners have agreed with our
preliminary estimates of the potential of developing a commercial operation at
Rivara.   The world-class turnkey contractors that the Company would expect to
engage to develop the project have indicated it could come on stream five years
from the end of the permitting phase.  Whilst the Board would aim to reduce that
time, we accept that it is still a responsible estimate at this stage.



Further information on Rivara is provided in the Review of Operations below.




During the period, the Company also moved forward with its separate coal-bed
methane work at Fiume Bruna near the town of Grosseto on Italy's North-Western
coast.  We can also report good progress in Tunisia, where we are managing the
early stages of an exploration reappraisal for our licence partners at Ksar
Hadada, close to entry points on the Trans-Mediterranean and Greenstream gas
pipelines.


Fiume Bruna, Italy



The past year has seen the successful completion by the Company of the first
coal-bed methane ('CBM') well on its Fiume Bruna permit in central Italy.  We
have learnt a lot from this well and the information obtained is being put to
good use now in the planning of the next wells on the permit. Importantly, the
data has also been used to validate our model of the CBM resource.




In January 2007 the Company submitted its application for the necessary
approvals to carry out this next phase of work.  Since then we have been
interacting with the local, provincial and regional administrations to transform
an objectively positive opinion in favour of the project into permitting
reality.




Beyond the highly attractive volumes of methane that could be produced from
Fiume Bruna, its longer term potential to act as storage site for carbon dioxide
(CO2) remains of strong interest.  This 'green' element of the project, a means
of reducing emissions of CO2 and enhancing methane production, has attracted
much positive interest within the local region.




Ksar Hadada, Tunisia





The Company maintains a 40% interest in the 7,012 km2 Ksar Hadada exploration
permit, onshore Tunisia.   The large volumes of seismic and well data provided
by the Tunisian state oil company to the Company and its partners have now been
used to remap this huge area (equivalent to about 32 North Sea blocks).  The
Company has identified an additional prospect to add to the Sidi Toui and Oryx
prospects and is encouraged by the potential that is appearing in the Acacus
Sandstone play which, we understand, is currently proving prolific just over the
border in Libya.  I believe the Company and its partners are now strongly
positioned to make highly informed decisions on the next steps for this block.
We believe that it is now a good time to hold highly prospective acreage in a
stable country, as many oil companies find themselves cash rich but with few
opportunities to pursue.  The Company and its partners have signalled a
willingness to invite additional partners to demonstrate the potential of this
block.  Our objective is to intelligently and prudently exploit the very
extensive opportunities on this block, all of which remain untested.  We will be
keeping the market abreast of developments in this area.



Grayson Nash
Executive Chairman


19 November 2007



Independent Resources plc


Review of operations


Fifteen month period ended 30 September 2007




During its second full year since incorporation, Independent Resources has
continued to make considerable progress on each of its three assets, steadily
advancing their development in order to create a highly focused, distinctive and
ultimately profitable energy enterprise.




Rivara, Italy





Shareholders are already aware that our key asset is the proposed Rivara UGS
facility near Bologna in Italy.




This is a massive fractured limestone formation with geological characteristics
that are unusual and potentially of key importance to Italy's energy planners in
several key ways at a time when the country is facing a growing shortfall in gas
deliverability.




Crucially, its fracture characteristics and natural water drive mean it provides
the capability to inject and withdraw natural gas rapidly to match seasonal
demand patterns and take advantage of the associated trading opportunities. It
is also located in a strategically important position, lying close to Italy's
balancing point on the natural gas 'highway' that supplies Europe from North
Africa.




Taken together, its size, location and unusual geological characteristics mean
Rivara has the potential to become one of Italy's largest and most valuable gas
storage facilities.  Innovative work undertaken by the Company to maximise the
environmental benefits of Rivara also mean it is set to become one of Italy's
most eco-friendly gas storage projects.




Independent Resources submitted its full planning application and accompanying
environmental impact assessment ('EIA') for the Rivara development in September
2006, following more than a year of detailed preparation and consultation with
the local, regional and national authorities.  The EIA is similar in many ways
to the UK's planning process and is designed to create public exposure as a
means of ensuring that planned projects are compliant with environmental and
regulatory requirements and viable within those parameters.




Although this process is inevitably time-consuming, we have explained in
previous statements that the Company takes it very seriously, believing it to be
part of a procedure that is not only necessary, but also that represents a good
and just approach to the concerns of the local communities.  Pursuant to
subsequent requests by the Ministry of Environment for substantially more and
detailed additional information to be integrated into the Company's EIA,
Independent Resources filed these with the Ministry of Environment in June 2007.




Progress has since been delayed because Italy's Ministry of Environment decided
to re-organise the structure and method of its Environmental Impact Study
proceedings and effectively terminated the Ministry's VIA Commission on 24 July
2007.   The Commission is just now being re-established.  Following the
Commission's termination, the Company received notification from the Ministry of
Environment in early August 2007 that it was not yet possible to reach a
decision on the Rivara EIA pending the provision of further information.  The
Company is therefore preparing to submit not only the requested information, but
will also go beyond the scope of the request and deliver a holistic review of
all its submissions to date.  As we have mentioned before, the process is
time-consuming but a vital part of the life of any meaningful energy asset
development in Italy.







The Company will also implement a process that it is intended will enhance
Rivara's profitability by generating electricity from the stored natural gas
without actually burning the gas, before it is distributed for use by consumers.
This highly efficient and environmentally friendly technology will use the
flow pressure from gas withdrawals to drive turbines that will generate
electricity for use onsite and for transmission to the Italian grid.  In
addition, over the last twelve months the Company's engineers have identified
ways to recover heat from its compression units and transform this into
additional electrical energy.  The Company has been working diligently on
increasing energy efficiency and developing state-of-the-art environmental
impact mitigation.




Continuing our earlier work, further technical studies completed during the year
have added significantly to our understanding of the reservoir's geological and
production characteristics.  The emphasis has been on enabling the Company to
describe its safety and efficiency characteristics.  In particular, the
Company's engineers have been running reservoir simulations to analyse
production profiles and the site's ability to respond to peak demand periods.
One early and interesting outcome of this approach has been the identification
of likely cost savings alongside reductions in our anticipated environmental
impact.  We look forward to the next phase of the project, which will likely be
planned and executed by a leading petroleum services firm as soon as the
permitting phase has been cleared.




Fiume Bruna, Italy





Following our successful drilling of the first CBM well in Italy we have, over
the last year, completed the analysis of the coals retrieved from the well and
of their gas content.  The preliminary conclusions from this extensive body of
knowledge are encouraging and have considerably increased our understanding of
the CBM resource in our 100% held Fiume Bruna licence area.  These conclusions
have been derived following a collaborative effort involving Norwest Questa
Engineering ('NQE') which found that the stratigraphic well penetrated coals
that are gas saturated and contain a well developed cleat system in the bright
bands.  Gas saturation and cleating are conducive to CBM production. NQE is a
leading US consultancy group with specialist CBM expertise.  These results
provide us not only with the confidence to move to the next phase of the project
but also information vital to its planning.




This next phase involves the acquisition and processing of new seismic data and
the drilling of a new well which will be put on long-term production test.
Detailed planning for this work has continued with NQE throughout 2007 and is
expected to be put into effect next year.




In January 2007 the Company lodged an application, including environmental
impact assessment ('EIA'), for approval of this next phase.  The approval covers
not only the drilling of the next well and the acquisition of new seismic data
but also up to seven additional wells in a predefined area.  As part of the
process the Company is currently providing responses to questions posed by the
relevant authorities.  Approval is expected within four months, upon receipt of
which we will be ready to implement the work.  Rigs and service companies who
are available to carry out the work have been short-listed and negotiations are
progressing with them; a seismic acquisition and processing contractor has been
engaged.  A number of project presentations have been made locally and
regionally which have led to a wider public and governmental understanding of
our project and to a good level of support.




More generally, there has been a heightening of interest in European CBM within
the industry and the investment community.  For Fiume Bruna this has translated
into a number of unsolicited farm-in and financing approaches that underline the
attractiveness of this project.  Some of these approaches have been rejected
whilst others continue to be considered by the board.




Ksar Hadada, Tunisia





Independent Resources holds a 40% interest in the prospective Ksar Hadada
permit, onshore Tunisia.  We believe Ksar Hadada provides high-reward, low-cost
targets with attractive production sharing terms in a stable and benign
political environment.




Since the receipt last year of a large volume of new seismic and well data from
the Tunisian national oil company, ETAP, the Company has been busy reprocessing,
integrating and interpreting that data.  This has been done by Independent
Resources on behalf of all of the parties to the licence.  It has been a major
undertaking but the remapping of the 7,000 km block has yielded valuable new
insights into the area which have significantly enhanced its prospectivity.  The
existing Sidi Toui and Oryx prospects have been better defined and validated and
a new prospect, South Salah, added to the inventory.  As well as the above, the
Acacus Sandstone is now developing into an attractive play in Ksar Hadada.  In
the last few months oil flow rates greater than 12,000 barrels of oil per day
have been achieved from the Acacus in exploration wells drilled across the
border in Libya.  In the light of these findings, we feel that our decision to
delay drilling until after the remapping is completed was the right one.




Independent Resources and its partners in Ksar Hadada have received a number of
approaches from companies keen to farm-in to the acreage which have so far
resulted in an initial offer from one such party that would substantially fund a
three-well programme.  Over the past year, oil and gas activity in Tunisia has
accelerated; almost all open onshore acreage has been licensed and a number of
rigs suitable for our needs have been brought into the country.  It is the
intention of Independent Resources and our partners to pursue a partial farm-out
over the next months.  If consummated, such a deal is likely to lead to drilling
soon thereafter.



Business growth





In addition to its three existing assets, Independent Resources has also been
actively pursuing additional opportunities that are consistent with its strategy
of growth through well-planned expansion into areas and project types that have
a logical fit with our strengths and existing portfolio.  Throughout the year we
have seen considerable progress on several of these and hope to be in a position
to make announcements in the near future.




Building on the foundations laid in our first year of operations, the last year
has seen good progress across all three projects, despite delays in some areas.
We are now poised for a busy and exciting year ahead.



Dr Stephen Staley


Managing Director



19 November 2007
Independent Resources plc


Consolidated income statement

15 month period ended 30 September 2007


                                                                          15 months ended          Year ended
                                                                        30 September 2007        30 June 2006
Continuing operations                                                                   £                   £
 
Revenue                                                                             2,220                   -

Cost of sales                                                                           -                   -
 
Gross profit                                                                        2,220                   -
 
Administrative expenses                                                          (882,746)           (592,775)
 
Operating loss                                                                   (880,526)           (592,775)
 
Net financial income                                                              224,167             138,084
 
Loss on ordinary activities
before taxation                                                                  (656,359)           (454,691)
 
Taxation                                                                                -                   -

Loss for the period                                                              (656,359)           (454,691)

 
Earnings per share
From continuing operations
 
Basic                                                                               (0.02)              (0.02)
 
Diluted                                                                             (0.02)              (0.02)




Independent Resources plc

Consolidated balance sheet
 
As at 30 September 2007
 
    
                                                               30 September 2007                 30 June 2006
                                                                               £                            £
Non-current assets
   Property, plant and equipment                                         122,497                      104,263
   Goodwill                                                            2,044,146                    2,044,146
   Other intangible assets                                             2,444,320                      633,888
 
                                                                       4,610,963                    2,782,297
 
Current assets
   Trade and other receivables                                           338,590                      110,184
   Cash and cash equivalents                                           2,557,212                    5,067,130
 
                                                                       2,895,802                    5,177,314

Current liabilities
  Trade and other payables                                              (142,959)                    (103,998)
  Current taxation liabilities                                           (22,752)                     (15,823)
 
                                                                        (165,711)                    (119,821)
Net current assets                                                     2,730,091                    5,057,493
 
Net assets                                                             7,341,054                    7,839,790
 
Equity attributable to equity
 holders of the parent
   Share capital                                                         334,333                      334,333
   Share premium account                                               5,843,828                    5,843,828
   Shares to be issued                                                 2,041,815                    2,041,815
   Share option reserve                                                  238,237                       75,802
   Foreign currency translation reserve                                   (6,109)                      (1,297)
   Losses                                                             (1,111,050)                    (454,691)
 
Total equity                                                           7,341,054                    7,839,790




Independent Resources plc

Consolidated cash flow statement
 
Fifteen month period ended 30 September 2007
                                                                             15 months ended       Year ended
                                                                           30 September 2007     30 June 2006
Cash flows from operating activities                                                       £                £
 
Loss before taxation                                                                (656,359)        (454,691)
Adjustments for:
         Depreciation of property, plant and equipment                                24,981            3,172
         Financial income                                                           (224,324)        (138,088)
         Financial costs                                                                 157                4
 
                                                                                    (855,545)        (589,603)

Increase in trade and other receivables                                             (228,406)         (94,749)
Increase in trade and other payables                                                  45,890          108,292
Share based payment                                                                  162,435           75,802
Exchange rate difference on investments                                               (7,631)          (1,297)
 
Cash used in operations                                                             (883,257)        (501,555)
 
Interest paid                                                                           (157)              (4)
 
Net cash used in operating activities                                               (883,414)        (501,559)
 
Cash flows from investing activities
 
Interest received                                                                    224,324          138,088
Purchase of intangible assets                                                     (1,808,398)        (633,888)
Purchases of property, plant and equipment                                           (42,430)        (106,676)
Acquisition of subsidiary                                                                  -           (6,996)
 
Net cash used in investing activities                                             (1,626,504)        (609,472)
 
Cash flows from financing activities
 
Issue of share capital                                                                     -        7,266,970
Share issue costs                                                                          -       (1,088,809)
 
Net cash from financing activities                                                         -        6,178,161
 
Net decrease in cash and cash equivalents                                         (2,509,918)       5,067,130
 
Cash and cash equivalents at 1 July 2006                                           5,067,130               -
 
Cash and cash equivalents at 30 September 2007                                     2,557,212       5,067,130




Independent Resources plc

Fifteen month period ended 30 September 2007

Notes:

1.  The Directors submit their Report and Accounts for the period from 1 July
2006 to 30 September 2007. The comparative period is from 16 June 2005
(incorporation) to 30 June 2006.



2.  Basis of Presentation

The financial information set out in this announcement, which does not
constitute the statutory accounts of the Group, is extracted from the Group's
statutory accounts for the period ended 30 September 2007, which were approved
by the Board on 20 November 2007.  The auditors have reported on those accounts
and their report was unqualified and did not contain a statement under section
237(2) or (3) of the Companies Act 1985.  The full statutory accounts will be
included in the Group's annual report, which will be mailed to shareholders on
29 November 2007.  Additional copies will be available at the Group's offices:
The Hollow, Penn Lane, Melbourne, Derbyshire DE73 8EP after that date.  The
accounts have been prepared in accordance with International Financial Reporting
Standards adopted by the European Union.  The accounts will be delivered to the
Registrar of Companies after the Company's Annual General Meeting, which is
scheduled for 21 December 2007.



3.  Revenue and Segmental information

       The Group's operations are located in England, Italy and Tunisia.

       The Group has generated £2,220 of revenue during the period in its
       Tunisian operations.

       The following is an analysis of the carrying amount of segment assets, 
       and additions to property, plant and equipment, analysed by the
       geographical area in which the assets are located.

                                                                          United       Italy    Tunisia       Total
                                                                         Kingdom
         2007

         Carrying amount of segment assets                                18,847     103,650          -     122,497
         Additions to property, plant & equipment in the period           20,666      21,764          -      42,430
         Depreciation charges                                              9,823      15,158          -      24,981
         Carrying amount of liabilities                                  103,688      32,836     29,187     165,711
         Results for the period                                         (337,602)   (316,444)    (2,313)   (656,359)

         2006

         Carrying amount of segment assets                                 8,004      96,259          -     104,263
         Additions to property, plant & equipment in the period           11,176      96,259          -     107,435
         Depreciation charges                                              3,172           -          -       3,172
         Carrying amount of liabilities                                  102,833      16,988          -     119,821
         Results for the period                                         (326,147)   (128,544)         -    (454,691)



4.  Earnings per share

The calculation of basic and diluted earnings per share at 30 September 2007 was
based on the loss attributable to ordinary shareholders of £656,359 and a
weighted average number of ordinary shares outstanding during the period ending
30 September 2007 of 33,433,333 as shown below.



In accordance with IAS 33 and as the group has reported a loss for the period,
the share options are not dilutive.

                                                                                2007                    2006
                                                                                   £                       £
         Net loss for the period                                            (656,359)               (454,691)
         Basic and diluted weighted average ordinary shares               33,433,333              19,144,521
         in issue during the period



5. Statement of changes in equity

                        Profit       Share        Share         Shares       Share      Exchange        Total
                      and loss     capital      premium          to be      option    difference      
                       reserve                                  issued     reserve            on
                                                                                      investment
 
                             £           £            £              £           £             £            £
Group

1 July 2006           (454,691)    334,333    5,843,828      2,041,815      75,802        (1,297)   7,839,790
Loss for the 15       (656,359)          -            -              -           -             -     (656,359)
month period
Share based payments         -           -            -              -     162,435             -      162,435
Exchange difference on
Investment                   -           -            -              -           -        (4,812)      (4,812)
 
30 September
2007                (1,111,050)    334,333    5,843,828      2,041,815     238,237        (6,109)   7,341,054

30 September
2007                (1,111,050)    334,333    5,843,828      2,041,815     238,237        (6,109)   7,341,054



This announcement can be viewed in full on the Company's web-site 
www.ir-plc.com.



Stephen Staley, Managing Director, Independent Resources plc:   [phone]
Grayson Nash, Executive Chairman, Independent Resources plc:    [phone]


Jonathan Wright, Seymour Pierce [phone]

David Smith, Deloitte Corporate Finance [phone]

Allan Piper, First City Financial Public Relations [phone]


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