Business
Oryx-1 Well Spud
Oryx-1 Well Spud.
About this update from Nativo Resources Plc
[{"type":"text","content":"\n RNS Number : 5985P Independent Resources PLC 20 July 2010 \n \n\n20 July 2010\n \n \nIndependent Resources plc \n(\"IRG\" or \"the Company\")\n \nOryx-1 Well Spud\n \n \nIndependent Resources plc is pleased to announce that exploration well Oryx-1 was spudded yesterday, 19 July 2010. The Oryx-1 well is situated on the Ksar Hadada Permit (the \"Permit\") lying onshore Tunisia which covers an area of 5,608 square kilometres. The Company holds an 18.97% Working Interest. \n \nThe Oryx-1 well is one of a two-well drilling programme that forms part of the work programme that was agreed when PetroAsian Energy Holdings Limited farmed into the Permit. PetroAsian is committed to finance all of the joint venture's work commitments in the current programme, including the drilling of the two wells, up to US$14.5 million.\n \nThe well is being drilled into an Ordovician Bir Ben Tartar Formation oil target and is planned to reach a vertical target depth of a minimum of 1165 metres. It is envisaged that the Oryx-1 well will take approximately 19 days to drill,subject to operational requirements, at a dry hole cost of approximately US$ 4.35 million. \n \nOn completion of the Oryx-1 well, the rig will be moved to the site for the Sidi Toui-4 well to drill the second well in the current programme. Further announcements will be made once each drilling programme is completed.\n \nIndependent assessments of gross prospective contingent resources and chances of success for the 2010 drilling targets on the Permit have been carried out by Blackwatch Petroleum Services Ltd on behalf of PetroAsian Energy Holdings Ltd (52.96% Working Interest), 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\n\nOryx\n\n\n6\n\n\n47\n\n\n105\n\n\n34%\n\n\n\n\n \nThis announcement has been reviewed by Roberto Bencini, Technical Director of Independent Resources, for the purposes of the current Guidance Note for Mining, Oil and Gas Companies issued by the London Stock Exchange in June 2009. Mr. Bencini is ...