Ksar Hadada Permit Update

RNS Number : 4304U

Independent Resources PLC

07 April 2016

 

For immediate release

7 April 2016 

INDEPENDENT RESOURCES PLC

("Independent Resources" or the "Company")

Ksar Hadada Permit

Increased Working Interest and Application for Extension

The Board of Independent Resources plc ("Independent Resources" or the "Company"), the AIM listed oil and gas exploration and production company (AIM:IRG), is pleased to announce that with immediate effect Independent Resources Ksar Hadada Limited ("IRKH"), a wholly owned subsidiary of the Company, has assumed 100% of the contractor interest in the onshore Ksar Hadada hydrocarbon exploration permit, Tunisia (the "Permit").

IRKH is now the sole contractor in the Production Sharing Contract following a successful submission to Entreprise Tunisienne d'Activités Pétrolières ("ETAP") and the Ministry of Industry, Energy and Mines (through its permitting authority Direction Générale de l'Energie ("DGE")) to facilitate the withdrawal of its minority partners.

IRKH has requested that ETAP submit an application to DGE for a one-year extension to the Ksar Hadada permit.

Further announcements will be made in due course.

Greg Coleman, CEO, stated:

"We are pleased to be have increased our interest in the Ksar Hadada permit and will continue to seek a farm-in partner.  IRKH will now have greater flexibility to agree new commercial arrangements with interested parties and in the short-term will have a reduced administrative burden as sole contractor.

We have been engaged in ongoing discussions with ETAP in order to prepare our application for an extension.

Our immediate priorities are to continue planning for the acquisition of 3D seismic, to prepare our drilling programme and to progress discussions with potential farm-in partners. The Company is also continuing to seek both debt and equity finance to meet its future financing requirements."

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

Greg Coleman		Independent Resources plc	020 3367 1134
Adam James		Panmure Gordon (UK) Limited	020 7886 2500
		(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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