Business
Fiume Bruna Update
Fiume Bruna Update.
About this update from Nativo Resources Plc
[{"type":"text","content":"\n RNS Number : 9208J Independent Resources PLC 11 December 2008 \n \nIndependent Resources plc ('IRG' or the 'Company')\nUpdate re Fiume Bruna\n\nStart of seismic acquisition operations\n\nThe Company is pleased to announce the start of acquisition of new seismic data over the IRG-operated Fiume Bruna coalbed methane (CBM) project near Italy's north-west coast; this is the country's first CBM project. \n\nThis work follows the Italian Government's approval of the Company's seismic and drilling plans announced in September this year. The seismic data will be used to select locations for several wells to be drilled within an agreed area in the coming months. These wells will be put on long-term production tests to determine gas production and any water flow rates from the coal.\n\nResults from earlier seismic and appraisal work, including the drilling and coring of a stratigraphic borehole late in 2006, have produced an in-place resource estimate for Fiume Bruna of 170 billion cubic feet, with a recoverable resource of 92 billion cubic feet.\n\nIRG is working at Fiume Bruna alongside Norwest Questa Engineering, a leading US consultancy group with specialist CBM expertise. Rigs and service companies have been short-listed, and negotiations are at an advanced stage to finalise these contracts.\n\n\n\n\n\n\nFor further information contact:\n\n\n\n\n\n\n\n\n\n\n\nStephen Staley\n\n\nManaging Director UK\nIndependent Resources plc:\n\n\n01332 865 253\n07771 838 753\n\n\n\n\n\nAllan Piper\n\n\nTavistock Communications:\n\n\n020 7920 3150\n\n\n\n\nDuncan McCormick\n\n\nTavistock Communications:\n\n\n020 7920 3150\n\n\n\n\nJonathan Wright\n\n\nSeymour Pierce Limited\n\n\n020 7107 8000\n\n\n\n\nDavid Smith\n\n\nDeloitte Corporate Finance\n\n\n020 7007 8177\n\n\n\n\n\n\nBackground details follow:\n\nPreliminary award of the Fiume Bruna permit was made to Independent Energy Solutions srl (a wholly-owned subsidiary of IRG) in 2005. Since then the Company has drilled the first CBM stratigraphic borehole in Italy and collected representative coal samples from within the body of the coal deposit. These have been subjected to a wide range of state-of-the-art techniques to arrive at the resource estimates and other vital parameters that underlie IRG's understanding of the coal and its CBM po...