Business
Application for Ksar Hadada Permit Extension
Application for Ksar Hadada Permit Extension.
About this update from Nativo Resources Plc
[{"type":"text","content":"\n \nRNS Number : 8501V Independent Resources PLC 21 April 2016 \n\nFor immediate release\n21 April 2016\n \nINDEPENDENT RESOURCES PLC\n(\"Independent Resources\" or the \"Company\")\nKsar Hadada Permit\nApplication for Permit Extension\n \nFurther to the announcement of 7 April 2016 the Board of Independent Resources plc (\"Independent Resources\" or the \"Company\"), the AIM listed oil and gas exploration and production company (AIM:IRG) provides the following update regarding the Ksar Hadada hydrocarbon exploration permit, Tunisia (the \"Permit\").\nEntreprise Tunisienne d'Activités Pétrolières (\"ETAP\"), Tunisia's national oil company, has at the request of Independent Resources Ksar Hadada Limited (\"IRKH\"), a wholly owned subsidiary of the Company and sole contractor for the Permit, submitted an application for a one year extension to the permitting authority Direction Générale de l'Energie (\"DGE\")).\nThe application is expected to be heard by the Comité Consultatif des Hydrocarbures (\"Consultative Commission on Hydrocarbons\" or \"CCH\") later this quarter and if successful the extension will run from the current expiry date until 7 August 2017.\nThe proposed minimum work obligation for the Permit will comprise the acquisition, processing and interpretation of up to 300 km2 of 3D seismic, and the drilling of two new exploratory wells replacing the obligation to drill one new exploratory well and re-enter a well drilled previously on the Permit. \nThe location of the additional exploratory well will be chosen collaboratively with ETAP and IRKH is keen to target the greater exploration potential identified in the Acacus play through the technical work carried out by IRKH as operator and confirmed by the Scotforth RSDD-H survey carried out in 2015.\nFurther announcements will be made in due course. \nGreg Coleman, CEO, stated:\n\"We have been engaged in ongoing discussions with ETAP in order to prepare our application for the extension and to advance our scope to target the exploration potential we see in the Acacus.\nWe believe the proposed work programme offers greater potential to complete a successful exploration programme on the permit and look forward to receiving CCH approval in order to progress discussions with potential farm-in partners.\"\nFor more information, please visit www.ir-plc.com or c...