Business
Update re Ksar Hadada
Update re Ksar Hadada.
About this update from Nativo Resources Plc
[{"type":"text","content":"\n RNS Number : 0315I Independent Resources PLC 04 March 2010 \n \n\nIndependent Resources plc \n(\"IRG\" or \"the Company\")\n \nOperations Update: Tunisia, Ksar Hadada Licence\n \nIndependent 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 block's operator, Petroceltic Ksar Hadada Limited (\"Petroceltic\") (27.03% Working Interest and 0.0% Paying Interest during 2010 work programme) and the Company successfully farmed out the Ksar Hadada block in Tunisia in Q2 2009 to a subsidiary of PetroAsian Energy Holdings Ltd (\"PetroAsian\"), a company listed in Hong Kong, resulting in the current joint venture. PetroAsian is committed to finance all of the Company's work commitments in the current programme including new seismic acquisition and the drilling of two wells. In Q3 2009, the joint venture established a dedicated team in Tunis to provide operational support for the planned programme.\n \nThe joint venture acquired over 100km of new 2D seismic in Q4 2009, with processing and interpretation completed in January 2010. Following interpretation of the seismic data, well locations for two Ordovician prospects were selected and approved by the partners in early February 2010. Contracts have now been placed for long lead items and a contract for drilling rig services has been entered into by Petroceltic with Compagnie Tunisienne de Forage (\"CTF\"), the drilling subsidiary of Entreprise Tunisienne d'Activités Pétrolières (\"ETAP\"), the National Oil Company of Tunisia, for the CTF Rig 06. Drilling is expected to commence in June 2010 and operations are expected to continue for an estimated 12 weeks.\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, 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 (P50)\n\n\nHigh\n(P10)\n\...