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Drilling Report.
About this update from Nativo Resources Plc
[{"type":"text","content":"\n Independent Resources PLC\n12 March 2007\n\n Independent Resources plc\n\n Strong estimate strengthens outlook for coal bed methane project\n\n\nIndependent Resources plc ('Independent'), the AIM-quoted natural gas storage\nand exploration company, has received encouraging new resource estimates for its\nItalian coal bed methane ('CBM') prospect at Fiume Bruna, north of Grosseto,\ncentral Italy.\n\nThe results indicate the presence of a significant resource and that, under high\ncase assumptions, Fiume Bruna could contain up to 215 billion cubic feet ('BCF')\nof in-place methane gas.\n\nThe estimates, which were produced by NorWest Questa Engineering ('NQE'), a\nleading US consultancy group with specialist CBM expertise, help support\nIndependent's expectations that Fiume Bruna could become Italy's first\ncommercial coal bed methane project.\n\nThe results follow the completion late last year of a stratigraphic well that\ncored approximately 7 metres of coal in one seam. Initial analyses of these coal\ncores show that, in the medium case, the resource tallies closely with the\nestimate provided at the time of Independent's admission to the AIM market in\n2005.\n\nThe new analysis estimated the in-place CBM resource from the Fiume Bruna permit\nfor three cases, the sole variable between these cases being the gas content of\nthe coal, and how this changes over the licence area.\n\n\nCase CBM resource\n (BCF)\n\nHigh 215\nMedium 161\nLow 107\n\n\nOver the coming weeks additional coal analyses will be performed that should\nfurther refine these estimates of the CBM resource.\n\nIndependent's next activities on the Fiume Bruna licence will start with\nacquisition of new seismic data, followed by a pilot drilling and production\ntesting phase in the heart of the coal basin.\n\nThe new estimates have been produced by NQE on behalf of Independent. NQE is a\nleading US-based petroleum engineering and geoscience consultancy group with a\nstrong specialism in CBM.\n\nThe above information has been reviewed and verified by Dr. Stephen Staley,\nManaging Director of Independent, for the purposes of the Guidance Note for\nMining, Oil and Gas Companies issued by the London Stock Exchange in March 2006.\nDr Staley holds a BSc (Hons) in geophysics, a PhD in petroleum geology and an\nMBA. He is a Fellow of the Geological Society and a member of...