Business
Statement re Ksar Hadada
Statement re Ksar Hadada.
About this update from Nativo Resources Plc
[{"type":"text","content":"\n Independent Resources PLC\n21 September 2006\n\n\n\n\n\n\n\n Additional data leads to re-appraisal of planned Tunisian drilling strategy\n\n\n\nAIM-quoted Independent Resources plc ('IRG' or 'the Company') is pleased to\nannounce it has acquired additional seismic and geological data from its\npromising Ksar Hadada oil and gas licence in Tunisia.\n\n\n\nAs a result, it has decided to delay the start of drilling which - as announced\nin its interim results for the period ended 31 March 2006 - was originally\nscheduled for the current quarter, pending a reappraisal of the most appropriate\ndrilling strategy.\n\n\n\nThe new data has been supplied by Tunisia's state oil company Entreprise\nTunisienne d'Activites Petrolieres (ETAP). IRG holds a 40% stake in the\nexploration permit.\n\n\n\nIRG Chairman Grayson Nash said: 'While it is disappointing that we cannot start\nas early as we would like with our planned well, we are delighted to have\nreceived new information that is providing a clearer picture of existing and\npossible new prospects at Ksar Hadada. We are looking forward to re-appraising\nthe best way forward, and hope to agree a new timetable without too much delay.\nWe believe we have a highly prospective licence area and we are especially keen,\nin the current global environment of high drilling costs, to optimise any\ndrilling campaign.'\n\n\n\n\n\nFor further information contact:\n\n\n\nStephen Staley, Managing Director, Independent Resources plc: 01332 865 253\n 07771 838 753\nAllan Piper, First City Financial Public Relations: 020 7436 7486\n\n\n\nBackground details follow:\n\n\nThe Ksar Hadada block covers an area of around 7,000 km(2), and contains a\ngeological target that has proved very prospective in neighbouring Libya and\nAlgeria where several large oil & gas discoveries have been made (e.g. Hassi\nMessaoud, Amal, Elephant, and Rhourd El Baguel.) The main prospect of interest\nremains the Sidi Toui structure.\n\n\nThe production sharing contract (PSC) has a four-year exploration period from\nApril 2004 and two possible extensions of three years each. The licensees are\nresponsible for 100% of costs during the exploration phase. All work commitments\nfor the first four years have already been met.\n\n\nThe acreage was first explored in the 1950s, using the poor technology available\nat that time. The Sidi...