Interim Results

Independent Resources PLC
30 May 2007

                           Independent Resources plc

               Interim Results for the period to 31st March 2007

Highlights



O      Continued progress with permitting applications at Rivara

O      Positive early results from Fiume Bruna

O      New prospect mapped at Ksar Hadada

O      Interim loss before taxation: £296,984 (2006: £259,876)

O      Liquid resources at 31st March 2007: £3.29 million



Chairman's statement



In reporting the progress made by Independent Resources Group in the six months
to March 31, 2007, I would like to begin by recalling the severe gas supply
problems that have in recent winters afflicted the Italian energy sector.
Shareholders are already well aware that 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. The painful winter
disruptions to gas supplies experienced by Italian consumers have served to
underscore how crucial this role is set to become.



During the period, the Company continued to make steady advances towards the
planned development of Rivara, and also moved forward with its separate coal bed
methane work at Fiume Bruna near the town of Grosseto on the 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.



The work undertaken by your Board during the period was set in the twin context
of both the urgent demand for new gas storage facilities and supplies in Italy,
and the equal need to comply with Italy's stringent environmental and planning
regulations. The Company has spent a great deal of time and effort ensuring that
it acts to deliver its key Italian projects in a timely fashion. At the same
time, we are also paying full attention to the complexities of Italy's
regulatory and political systems, at all levels of government.



Italy's Ministry for Economic Development has identified the lack of sufficient
gas storage as one of the primary reasons for the dramatic supply problems of
recent winters. The system found itself under duress as a result of its
inability to respond to what are now becoming predictable surges in winter
demand. Past emergency measures put into effect by the Government to maintain
the generation of electric power have included the combustion of
highly-polluting heavy fuel-oil. Yet even then, the country consumed more than
20% of its vital strategic gas reserves - reserves that are intended to cope
with a catastrophic system failure rather than a cold winter.



The requirement for additional storage capacity is clear enough in that context
alone. The most recent gas survey from the International Energy Association,
Security in a Globalizing Market to 2015, also separately makes a very
compelling case for the rigidities that characterise Italy's gas market to
continue over the medium term at least. The country's traditionally high energy
prices reflect a scarcity of meaningful price competition, an
incompletely-liberalized market structure, and persistent infrastructural
bottlenecks all along the gas supply chain. Over 80% of Italy's gas travels
several thousand kilometers to reach markets that are now heavily dependent on
gas for heating and power. A healthily-balanced gas supply system, such as that
in the United States, provides gas storage capacity equivalent to around 20% of
consumption. Yet Italy's dominant gas storage operator Stogit, a division of
ENI, reported in early April that while demand for Italian storage capacity had
risen to 14.2 billion cubic metres (bcm), the amount actually available was only
around 8.4 bcm. Even with the planned development of IRG's Rivara project, which
is expected to provide working gas capacity of up to 3.2 bcm, the Italian system
will remain a long way from the ideal target of 20% coverage. The prospect of
prolonged and acute infrastructural stress is becoming increasingly real.



Against this backdrop, we are continuing to steer the Rivara UGS through the
complex 'VIA' permitting process, striving to ensure that the project meets the
requirements of all of the stakeholders involved, at local, regional and
national level. The VIA 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. It is a process that is inevitably time consuming, but
one that is taken very seriously by the Directors as part of a procedure that we
believe is not only necessary, but good and just. As a result, there has been
some slippage in our planned timing. We remain confident, however, that our
progress towards gaining the permits remains on course. As the press reported in
February, Government representatives have indicated publicly that a decision
would be made this year. We will be providing an update on progress later in the
year.



We remain equally 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, it is also located at what is likely to become
the hub of the Southern European 'gas motorway'. The world-class turnkey
contractors we expect to engage to develop the project have indicated they will
probably need five years to develop a commercial operation from the end of the
permitting phase. While the Board would expect to reduce that time, we accept it
as a responsible estimate at this stage.



Throughout the half year, the Company also continued - as is still the case - to
receive approaches from major integrated and non-integrated gas majors keen to
become key participants in Rivara.  We will continue to review such offers and
are not excluding the possibility of an early-stage strategic partnership. The
Company recognises that a strategic partner would enhance its own resources,
freeing it to allocate them more evenly across all of its projects.



It is also pleasing to report encouraging progress at the site of our other
current Italian project, the coal bed methane (CBM) prospect at Fiume Bruna near
the town of Grosseto. Following a successful stratigraphic drilling, coring and
sampling programme during 2006, the analysis of the samples obtained is nearly
complete. On the basis of the data collected and interpreted to date, we are
confident that the project may prove commercially attractive. The indications
are that in-place CBM resources are in the range of 107 to 215 billion cubic
feet. This is in line with our expectations at the time of bringing Independent
Resources to AIM.



Just as at Rivara, moreover, we have received approaches both from potential
trade partners and financial institutions interested in financing the
development of Fiume Bruna, and we continue to consider the options being
offered to us.



Also in line with our policy at Rivara, we are taking a careful approach to
local environmental and planning requirements, and have already filed an
environmental impact assessment under the appropriate environmental review
process. At this stage, this is a significantly lighter requirement than at
Rivara since the application covers only the first seismic and the next set of
wells. Even so, we remain fully aware of the need to meet the required
procedures at each step of the way, and we are hoping to win this important
initial approval very soon. With that in mind, we are now planning for the
acquisition of new seismic data and the drilling of the next well on the permit,
so that we can move ahead without delay as soon as the Exploration Permit is
signed. Our intention is to put the new well on a long-term flow test before
drilling any follow-on wells.



At Ksar Hadada, our 7,000 square kilometer exploration project in Tunisia, we
continue working on the re-mapping and re-interpretation of the hydrocarbon
potential on behalf of our licence partners. It is again pleasing to announce
that this has so far resulted in the identification of an additional major
prospect, bringing to four the number now delineated. We are hopeful that, with
work still underway, others may be added to this tally. We are particularly
encouraged by the fact that all of the prospects identified to date have
producing analogues both in Tunisia and in nearby areas of Libya.



We have also over the past few months carried out a successful seismic and well
data swap with Storm Ventures, the operator of the licence area to the south of
Ksar Hadada, and believe this has greatly enhanced our ability to map some of
our major prospects.



As with our Italian projects, we remain aware of the potential value of
partnerships, and are currently in discussions on a potential farm-in to our
interest. If it proceeds, a multi-well drilling campaign would be expected to
form part of the associated work programme and could commence toward the end of
this year.



In summary, despite the slippages created by our necessary involvement in the
Italian permitting process at Rivara, the Board believes the advances achieved
across our range of projects during the half-year represent important progress
towards the realisation of our commercial potential. We shall during the course
of the second half continue to raise our profile within the London investment
community as a company operating in the right sector in the right place at the
right time. We also look forward with confidence to presenting shareholders with
further positive news during the months ahead.



Grayson Nash
Executive Chairman




For further information
contact:

Independent Resources plc                    
Grayson Nash, Executive Chairman             00 39 02 3655 960
Steve Staley, Managing Director              01332 865 253
                                             07771 838 753

First City Financial Public Relations
Allan Piper                                  07736 064 982


Deloitte Corporate Finance
Jonathan Hinton                              020 7936 3000
David Smith                                  020 7936 3000




Independent Resources PLC

Consolidated income statement

Six months ended 31 March 2007

                                                           1 October 2006               16 June 2005 to
                                                                       to
                                                            31 March 2007                 31 March 2006
                                                                        £                             £
Continuing operations
Revenue                                                            32,126                             -
                                                                                                   
Cost of sales                                                           -                             -

Gross profit                                                       32,126                             -

Administrative expenses                                         (411,492)                     (345,180)

Operating loss                                                  (379,366)                    (345,180)

Net financial income                                              82,382
                                                                                                85,304

Loss on ordinary activities before taxation                     (296,984)                     (259,876)

Taxation
                                                                        -                             -

Loss for the period                                             (296,984)                     (259,876)

Earnings per share
From continuing operations

Basic                                                              (0.01)                        (0.02)

Diluted                                                            (0.01)                        (0.02)

Consolidated statement of changes in equity

Loss for the period                                             (296,984)                     (259,876)
New shares issued and to be issued                                                           7,783,895
                                                                        -
Transaction costs                                                                           (1,088,309)
                                                                        -
Share based payments                                              61,734                             -
Exchange difference on investment                                   (799)                            -

Total change in equity                                          (236,049)                    6,435,710



Independent Resources PLC

Consolidated balance sheet

As at 31 March 2007

                                                 31 March       30 Sept       30 June        31 March
                                                     2007          2006          2006            2006
                                                        £             £             £               £
Non-current assets
   Property, plant and equipment                  124,431        99,003        104,263          64,647
   Goodwill                                     2,044,146     2,044,146      2,044,146         519,756
   Other intangible                             1,933,132     1,003,226        633,888         486,131
   assets
                                                4,101,709     3,146,375      2,782,297       1,070,534
Current assets
   Trade and other receivables                    334,343       127,731        110,184          81,763
   Cash and cash equivalents                    3,292,341     4,632,907      5,067,130       5,422,194
                                                3,626,684     4,760,638      5,177,314       5,503,957
Current liabilities
  Trade and other payables                       (212,478)     (143,257)     (103,998)       (138,781)
  Current taxation liabilities                     (1,541)      (13,333)      (15,823)              -
                                                 (214,019)     (156,590)     (119,821)       (138,781)

Net current assets                              3,412,665     4,604,048     5,057,493       5,365,176

Net assets                                      7,514,374     7,750,423     7,839,790       6,435,710

Equity attributable to equity holders of the parent

   Share capital                                  334,333       334,333       334,333         334,333
   Share premium account                        5,843,828     5,843,828     5,843,828       5,843,828
   Shares to be issued                          2,041,815     2,041,815     2,041,815         517,425
   Share option reserve                           170,023       108,289        75,802               -
   Foreign currency translation reserve                37           836             -          (1,297)
   Losses                                        (875,662)     (578,678)     (454,691)       (259,876)
Total equity                                    7,514,374     7,750,423     7,839,790       6,435,710





Independent Resources PLC

Consolidated cash flow statement

Six months ended 31 March 2007

                                                          1 October 2006              16 June 2005 to
                                                                      to
                                                           31 March 2007                31 March 2006
                                                                      £                             £
Cash flows from operating activities

Loss before taxation                                          (296,984)                     (259,876)
Adjustments for:
     Depreciation of property, plant and equipment              11,975                         2,666
     Financial income                                          (82,382)                      (85,304)
                                                              (367,391)                     (342,514)
Increase in trade and other receivables                       (206,612)                      (66,329)
Increase in trade and other payables                            57,429                        127,253

Share based payment                                             61,734                              -
Exchange rate difference on investments                           (799)                             -

Net cash used in operating activities                         (455,639)                     (281,590)

Cash flows from investing activities

Interest received                                               82,382                        85,304
Purchase of intangible assets                                 (929,906)                     (486,131)
Purchases of property, plant and equipment                     (37,403)                      (66,554)
Acquisition of subsidiary                                            -                        (6,996)

Net cash used in investing activities                         (884,927)                     (474,377)

Cash flows from financing activities
Issue of share capital                                                -                    7,266,470
Share issue costs                                                     -                   (1,088,309)
Net cash from financing activities                                    -                    6,178,161

Net (decrease)/increase in cash and cash equivalents        (1,340,566)                    5,422,194

Cash and cash equivalents at beginning of the period         4,632,907                             -

Cash and cash equivalents at end of the period               3,292,341                     5,422,194



Independent Resources PLC

Notes to the interim financial information

Six months ended 31 March 2007

1.   Accounting policies

     General information

     The interim financial information is for Independent Resources plc ('the company') and
     subsidiary undertakings. The company is registered in England and Wales and incorporated
     under the Companies Act 1985.

     The principal accounting policies are summarised below:

     a   Basis of preparation

     The interim financial information, for the period from 1 October 2006 to 31 March 2007, has
     been prepared under the historical cost convention and in accordance with International
     Financial Reporting Standards and International Accounting Standards, adopted for use by
     the European Union, and on the going concern basis.  They are in accordance with the
     accounting policies set out in the statutory accounts for the period ended 30 June 2006.
     The company has changed its accounting period to 30 September 2007.

     The Interim report is unaudited and does not constitute statutory financial statements.
     The financial information for the period ended 30 September 2006 does not constitute
     statutory accounts, as defined in section 240 of the Companies Act 1985, but is based on
     the latest statutory accounts.  Those accounts, upon which the auditors issued an
     unqualified opinion, have been delivered to the Registrar of Companies.

     The Interim Report for the six months ended 31 March 2007 was approved by the Directors on
     29 May 2007.

     The comparative period presented is that of 16 June 2005 to 31 March 2006 as previously
     reported.  The directors are of the opinion that due to the nature of the group's
     activities and the events during that period these are the most appropriate comparatives
     for the current period.

     Copies of the Interim Report are available from the Company's website www.ir-plc.com.

2.   Revenue and segmental information

     The group's revenue during the period represents the charging for work carried out on its
     Tunisian development project to its development partner.

     The group's operations continue to be located in England, Italy and Tunisia.

     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 assets are
     located.

                                                           Carrying amount of segment assets
                                                 31 March    30 Sept.      30 June      31 March
                                                     2007        2006         2006          2006
                                                        £           £            £           £
     United Kingdom                                24,154       7,071        8,004         8,934
     Italy                                        100,277      91,932       96,259        55,713
     Tunisia                                            -           -            -             -
                                                  124,431      99,003      104,263        64,647



Independent Resources PLC

Notes to the interim financial information (continued)

Six months ended 31 March 2007

2.   Revenue and segmental information (continued)

                                                              Additions to property, plant and
                                                                   equipment in the period
                                                            1 October               16 June 2005
                                                              2006 to                         to
                                                             31 March              31 March 2006
                                                                 2007
                                                                    £                          £
     United Kingdom                                            20,666                     11,176
     Italy                                                     16,737                     55,378
     Tunisia                                                        -                          -
                                                               37,403                     66,554
                                                              

     The following is an analysis of the revenue and loss on ordinary activities before taxation
     based upon the area in which the operations are carried out.

                                                                         Revenue
                                                             1 October              16 June 2005
                                                               2006 to                        to
                                                              31 March             31 March 2006
                                                                  2007
                                                                     £                         £
     United Kingdom                                                  -                         -
     Italy                                                           -                         -
     Tunisia                                                    32,126                         -
                                                                32,126                         -

                                                     Loss on ordinary activities before taxation
                                                             1 October              16 June 2005
                                                               2006 to                        to
                                                              31 March             31 March 2006
                                                                  2007
                                                                    £                          £
     United Kingdom                                          (115,131)                  (165,000)
     Italy                                                   (197,584)                   (94,876)
     Tunisia                                                   15,731                          -
                                                             (296,984)                  (259,876)


3.   Taxation

     There is no current tax charge for the period.  The accounts do not include a deferred tax
     asset in respect of carry forward of unused tax losses as the directors are unable to
     assess that there will be probable future taxable profits available against which the
     unused tax losses can be utilised.







Independent Resources PLC

Notes to the interim financial information (continued)

Six months ended 31 March 2007

4.   Earnings per share

     The calculation of basic and diluted earnings per share at 31 March 2007 was based on the
     loss attributable to ordinary shareholders of £296,984 and a weighted average number of
     ordinary shares outstanding during the period ending 31 March 2007 of 33,433,333, as shown
     below.

                                                              31 March              31 March 2006
                                                                  2007
                                                                     £                          £

     Net loss for the period                                 (296,984)                   (259,876)

     Basic and diluted weighted average ordinary shares
     in issue during the period                            33,433,333                  15,409,203


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

Registered office

Independent Resources plc
The Hollow, Penn Lane, Melbourne, Derbyshire DE73 8EP
Telephone: [phone]
Fax: [phone]
Email: [e-mail]

Commercial office

Via Nirone 8, 20123 Milan, Italy
Telephone: [phone]
Fax: [phone]
Email: [e-mail]

Technical office

Viale Liegi 10, Int. 4, 00198 Rome, Italy
Telephone: [phone]
Fax: [phone]
Email: [e-mail]





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