New Potential Revealed in Ksar Hadada Tunisia

RNS Number : 3610Z

Independent Resources PLC

17 September 2015

 

17 September 2015                   

INDEPENDENT RESOURCES PLC

("Independent Resources" or the "Company")

New Potential Revealed in Ksar Hadada Tunisia

Independent Resources is pleased to announce that following the integration of the recently completed Scotforth Limited remote sensing hydrocarbon survey* ("RSDD-H") with existing 2-D seismic and well data, the Company has identified two new substantial leads in the prolific Acacus play prevalent in the Ghadames Basin of North Africa. The RSDD-H survey has also increased confidence in the Gazelle prospect (also targeting the Acacus) and provides a direct survey comparison between the offsetting Bir Ben Tartar producing field and the Ksar Hadada prospects and leads.

Gazelle was identified in the 2014 Blackwatch CPR with an estimated unrisked resource of 37.1 million barrels of oil equivalent under the P(mean) scenario in the Acacus. 

The Company now estimates an unrisked resource potential for this prospect of 77 million barrels of oil equivalent at the median level within a range extending from 15 to 175 million barrels of recoverable hydrocarbons ("Prospective Resources").

The two new leads have a recoverable resource of 49 and 13 million barrels of oil equivalent unrisked under a median scenario. 

Further work is being undertaken to identify specific drilling locations based on the Company's new assessment.

These results provide further evidence that the Company is able to utilise a number of innovative tools to increase the likelihood of success in drilling high quality prospects in the Ksar Hadada Permit.  The size of the identified prospects and leads on the permit are very attractive commercially despite today's lower oil prices.

A number of companies are continuing to evaluate the farm in potential of the Ksar Hadada permit.  The RSDD-H survey could allow some companies to consider drilling new wells in advance of any further seismic surveys.

*RNS of Aug. 20^th 2015

In relation to Scotforth Limited and the survey technology, please visit www.scotforth.com 

William Gregory Coleman, Chief Executive Officer of Independent Resources, has reviewed this announcement for the purposes of the current Guidance Note for Mining, Oil and Gas Companies issued by the London Stock Exchange in June 2009.  Mr Coleman is a registered Professional Engineer in the Province of Alberta, Canada. He is also a member of the Society of Petroleum Engineers.

Note for editors:

Background to RSDD-H (Remote Sensing Direct Detection of Hydrocarbons) 

It has long been known that sub-surface hydrocarbons cause changes in surface landscapes. Direct measurement and mapping of surface materials such as vegetation, soils and rocks etc has been part of the exploration process for decades. One surface attribute that is a reliable indicator of the sub-surface presence of hydrocarbons is the photo-spectral radiance of the landscape.

Scotforth's RSDD-H uses an array of multi-spectral and hyper-spectral imagery (gathered from satellite data remotely) to detect variations in photo-spectral patterns and hence to identify the hydrocarbon footprints. This involves collection of data from parts of the electromagnetic spectrum both inside and outside the visible range, applying complex computer algorithms and analyses and making detailed comparisons of these results with other results from known analogous petroleum habitats.

About Independent Resources

Independent Resources (AIM: IRG) is an exploration and production company focused on the acquisition of producing assets in the Mediterranean and North Africa region.  The company owns 86.345 per cent. of the Ksar Hadada onshore exploration licence in Tunisia.

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

Greg Coleman		Independent Resources plc	020 3367 1134
Mark Taylor		Charles Stanley Securities	020 7149 6000
		(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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