Commercial Registration

RNS Number : 5012P

Independent Resources PLC

17 November 2016

 

FOR IMMEDIATE RELEASE

Independent Resources plc

("IRG" or the "Company")

East Ghazalat Update - Commercial Registration

IRG is pleased to announce that Sahara Resources GOS Inc. ("SRGOS"), which holds a 50 per cent interest in the East Ghazalat concession, has been issued with a commercial registration and tax ID number by the General Authority for Investments and Free Zones ("GAFI") which formally establishes a branch of SRGOS in Egypt.

SRGOS is the wholly owned subsidiary of the Company's 50 per cent. owned associate Independent Resources (Egypt) Limited ("IRE"), IRG's joint venture vehicle ("JV") owned jointly with Nostra Terra Oil and Gas plc ("NTOG"), which was formed to facilitate IRE's acquisition of its interest in the East Ghazalat concession.

IRG believes the establishment of an Egyptian branch of SRGOS completes all the necessary legal formalities and will allow IRE to seek to conclude arrangements with the Egyptian General Petroleum Corporation ("EGPC") in respect of their registration process.

Once EGPC have concluded their process, the timing of the payment of accrued revenues remains, however, solely within the control of the relevant Egyptian authorities. The Company is liaising with these authorities so that payments can commence and will update the market further when it has visibility on when payments may be received.

Greg Coleman, CEO of IRG, commented:

"We are delighted that SRGOS has established a branch in Egypt, a significant step in the process to make it eligible to receive payment of the material accrued revenues due to the JV from the East Ghazalat concession. We will continue to liaise with EGPC in an effort to secure payment of these revenues however the timing of any payment is controlled by these authorities.

We appreciate the continued patience of our investors and look forward to updating the market with further developments as they arise."

This announcement contains inside information for the purposes of Article 7 of EU Regulation 596/2014.

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

Greg Coleman		Independent Resources plc	020 7070 0447
John Treacy Jamie Spotswood		ZAI Corporate Finance Ltd. (Nominated Adviser)	020 7060 2220
Oliver Stansfield Jonathan Evans		Brandon Hill Capital (Broker)	020 3463 5000
Simon Hudson		Tavistock Communications	020 7920 3150

 

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