Completion of hydrocarbon survey

RNS Number : 6078W

Independent Resources PLC

20 August 2015

 

20 August 2015

INDEPENDENT RESOURCES PLC

("Independent Resources" or the "Company")

Completion of remote sensing hydrocarbon survey on Ksar Hadada

Independent Resources is pleased to advise that it has now received the results of the Scotforth Limited remote sensing hydrocarbon survey ("RSDD-H") of the Ksar Hadada permit in Tunisia.

The survey and its attendant report were commissioned on 9 July 2015; they were completed and delivered to IRG within schedule. 

The survey has identified the presence of what are considered to be material hydrocarbon prospects within the permit area.  Some of the prospects had not previously been identified by other technologies.

The results reinforce our belief that there are multiple drillable low risk prospects within the permit. 

Even at today's low oil prices, we believe that these prospects are economic based on the expected volumes and probable rates of hydrocarbon flow and decline.

We will now integrate the results of the survey and report with our existing subsurface database.

We believe that the use of RSDD-H has identified new prospects, de-risked some pre-existing prospects and determined areas that no longer appear to merit investment.

We aim to use the results to develop, on an accelerated basis, a technically best informed drilling programme.

The Company will be updating potential farm-in partners.  As we have said before, a farm-in is required for Independent Resources to be able to fund the next phase of drilling.

We will continue to work with Scotforth to take full advantage of their technical insights that allow us effectively to pursue potentially economic hydrocarbon resource targets within the entire permit area and contribute to the selection of exploration drill locations.

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

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. Indeed, 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 (or not) 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 minute 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.

 

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