Business
Operations Update, Ksar Hadad
Operations Update, Ksar Hadad.
About this update from Nativo Resources Plc
[{"type":"text","content":"\n RNS Number : 5887L Independent Resources PLC 10 May 2010 \n \n\n \n \n \n \nIndependent Resources plc \n(\"IRG\" or \"the Company\")\n \nOperations Update: Tunisia, Ksar Hadada Licence\n \nMay 10th 2010 Independent Resources plc is pleased to announce the following operational update for its Ksar Hadada oil and gas exploration permit covering 5,600 square km onshore Tunisia, where IRG holds an 18.97% interest (0.0% Paying Interest during the 2010 work programme). \n \nThe Company has previously announced that the joint venture acquired over 100km of new 2D seismic in Q4 2009, with processing and interpretation completed in January 2010. Well locations for two Ordovician prospects were selected and approved by the partners in early February 2010. Drilling is expected to commence in June 2010 and operations are expected to continue for an estimated 12 weeks.\n \nThe block's Operator, Petroceltic Ksar Hadada Limited(27.03% Working Interest and 0.0% Paying Interest during the 2010 work programme) has been notified by Compagnie Tunisienne de Forage (\"CTF\"), the drilling company contracted to execute these operations, that the planned CTF Rig 06 will be available to begin mobilizing towards the end of May. The joint venture still expects operations to begin in June.\n \nIndependent Resources Chairman Grayson Nash commented: \"We were hoping to spud the first well - targeting Oryx - earlier in the month, but it now looks like this year's drilling operations at Ksar Hadada will commence in late June. We look forward to appraising the attractive potential on this block over this summer.\"\n \nIndependent assessments of gross prospective contingent resources and chances of success for the 2010 drilling targets on Ksar Hadada have been carried out by Blackwatch Petroleum Services Ltd on behalf of PetroAsian Energy Holdings Ltd (51% Working Interest and 100% Paying Interest during the 2010 work programme), and are reported as follows;\n \nKsar Hadada Licence Gross Prospective Recoverable Resource Estimates (MMbbls), pre 2010 Drilling Programme\n \n\n\n\n\nProspect\n\n\nOil\n\n\nChance of success\n\n\n\n\n\n\n\nLow\n(P90)\n\n\nMedium (Pmean)\n\n\nHigh\n(P10)\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\nSidi Toui\n\n\n24\n\n\n161\n\n\n409\n\n\n40%\n\n\n\...