Business
Admission to AIM
Admission to AIM.
About this update from Nativo Resources Plc
[{"type":"text","content":"\n Independent Resources PLC\n12 December 2005\n\n12 December 2005\n\n\n\n Independent Resources plc\n\n ('Independent Resources' or the 'Company')\n\n\n\n Admission to AIM\n\n\n\nIndependent Resources plc announces today that its ordinary shares have been\nadmitted to trading on AIM.\n\n\n\nIndependent Resources' strategy is to integrate upstream oil and gas projects in\nthe Mediterranean region with gas storage facilities that can store gas\ngenerated from its own gas producing assets and on behalf of other parties.\n\n\n\nThe Company's projects include an underground gas storage concession at Rivara\nin northern Italy, exclusive rights to the Fiume Bruna coal bed methane (CBM)\npermit in Tuscany, and a 40 per cent. interest in a permit to explore for oil\nand gas in the Ksar Hadada onshore area of Tunisia. The final awards of the\nRivara concession and the Fiume Bruna permit are subject to an environmental\nimpact assessment.\n\n\n\nThe Directors of Independent Resources have extensive technical and commercial\nexperience in the energy sector covering upstream oil and gas exploration and\nproduction, carbon dioxide sequestration, capital project development and energy\ntrading activities.\n\n\n\nApproximately 33.4 million ordinary shares in the Company have been admitted to\nAIM. At the placing price of 60p per share, the Company is valued at just over\n£20 million.\n\n\n\nThe Company's admission to AIM follows the successful completion of a placing\nand subscription at 60 pence per ordinary share to raise gross funds of £5.1\nmillion.\n\n\n\nThe net proceeds from the Placing and the Subscription of approximately £4.3\nmillion and the existing cash resources of the Group will be principally used to\nfund the following:\n\n\n\n• approximately £3.3 million toward appraising Rivara's\nexpected underground gas storage potential, the productivity of the Sidi Toui-3\nwell in the Ksar Hadada area and Fiume Bruna's CBM potential; and\n\n• approximately £1.0 million to fund the ongoing working\ncapital requirements of the Group.\n\n\n\nAdditional funds will be required, in due course, to complete all the appraisal\nactivities and to develop those identified opportunities which show potential\nfor commercial development.\n\n\n\nGrayson Nash, Executive Chairman of Independent Resources, said: 'Our arrival on\nAIM will enable us...