Business
Approval of agreement
Approval of agreement.
About this update from Nativo Resources Plc
[{"type":"text","content":"\n Independent Resources PLC\n17 February 2006\n\n17 February 2006\n\n\n\n Independent Resources plc\n\n Tunisian government approves farm-in agreement\n\nIndependent Resources plc, the AIM-quoted international natural gas storage and\nexploration company, is pleased to announce that the Tunisian government has\napproved the company's farm-in to the highly prospective Ksar Hadada onshore\npermit in south-east Tunisia.\n\n\n\nThe company's wholly-owned subsidiary, Independent Resources (Ksar Hadada)\nLimited acquired a 40% interest in the permit during 2005.\n\n\n\nKsar Hadada covers an area of approximately 7000 square kilometres within the\nprolific Ghadames basin, where a number of large oil and gas fields have been\ndiscovered in neighbouring Libya and Algeria.\n\n\n\nThe primary prospect within the permit area is the Sidi Toui structure, where\nre-entry and testing of an existing well is planned for later this year. The\nblock contains several other prospects and leads in addition to Sidi Toui.\nThese are currently being better defined by reinterpreting existing data in\norder to identify potential drilling locations.\n\n\n\nIndependent Resources Managing Director Steve Staley said: 'We are very pleased\nto have received this final approval from the Tunisian government. We believe\nthat Ksar Hadada is an exciting area within a proven hydrocarbon basin. The\nmajority of the prospects we have identified are quite shallow, making them\nrelatively inexpensive to drill and develop.'\n\n\n\nFor further information contact:\n\n\n\nIndependent Resources plc:\nStephen Staley, Managing Director +44 (0)1332 865253\n +44 (0)7771 838753\n\nFirst City Financial Public Relations \nIan Foster +44 (0)20 7436 7486\n +44 (0)7739 185050\n\nDeloitte Corporate Finance\nJonathan Hinton +44 (0)20 7936 3000\nFeilim McCole\n\n\n\n\n This information is provided by RNS\n The company news service from the London Stock Exchange \n ","length":2313,"tagName":"div"}]