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Tunisia - CCH Approval re Ksar Hadada licence
Tunisia - CCH Approval re Ksar Hadada licence.
About this update from Nativo Resources Plc
[{"type":"text","content":"\n \nRNS Number : 3336P Independent Resources PLC 18 August 2014 \n\n18 August 2014\n \nIndependent Resources plc\n(\"Independent Resources\", \"IRG\" or the \"Company\")\n \nTunisia - CCH Approval re Ksar Hadada licence\n \nIndependent Resources is pleased to announce that it has now received formal confirmation that the meeting of the Consultative Commission on Hydrocarbons of Tunisia (\"CCH\"), held on 7 August 2014, approved the extension of the Ksar Hadada licence to April 2016. \n \nIndependent Resources Ksar Hadada Limited, a wholly owned subsidiary of the Company, has been appointed as the Operator of the Ksar Hadada licence with a revised working interest in the Production Sharing Contract of 86.345%.\n \nInformation on Ksar Hadada\n \nThe Ksar Hadada exploration permit (the \"Ksar Hadada Permit\") covers an onshore area of 2,252 square kilometres in south-east Tunisia. The primary targets on the Ksar Hadada block are the Ordovician Bir Ben Tartar quartzite and the Silurian Acacus sandstone, sourced by the basal member of the Silurian Tanezzuft shale, which is the main source rock for North Africa.\n \nAn independent third-party evaluation (\"Competent Persons Report\" or \"CPR\") of the Ksar Hadada permit completed by Blackwatch Petroleum Services (\"Blackwatch\") in April 2014 estimated gross recoverable resources of 108 million barrels of oil equivalent*.\n \nThe CPR attributed the following economic valuations to the Ksar Hadada Permit as a whole and to Independent Resources' net working interest of 86.345% in the Ksar Hadada Permit:\n \n\n\n\n\nGross unrisked value of the Ksar Hadada Permit\n\n\nUS$837 million\n\n\n\n\nNet unrisked value of IRG's working interest\n\n\nUS$723 million\n\n\n\n\n\n\n\n\n\n\n\n\nGross risked value of the Ksar Hadada Permit\n\n\nUS$263 million\n\n\n\n\nNet risked value of IRG's working interest\n\n\nUS$227 million\n\n\n\n\n \nIn compiling its report, Blackwatch assumed an oil price of US$95 per barrel and applied a 10 per cent. discount rate to all future cashflows. Their report attributed a 38% chance of success to the Sidi Toui Ordovician prospect in Ksar Hadada and a 19% chance of success to the Gazelle Acacus sandstone prospect. \n \nFuture Work Programme\n \nThe immediate priorities for IRG and its partner...