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Well Report
Well Report.
About this update from Nativo Resources Plc
[{"type":"text","content":"\n RNS Number : 4000Q Independent Resources PLC 03 August 2010 \n \n\n3 August 2010\n \n \n \nIndependent Resources plc \n(\"IRG\" or \"the Company\")\n \nOryx-1 Well Drilling Report \n \nIndependent Resources plc (IRG:L) announces that the Oryx-1 exploration well, on the Ksar Hadada Permit in Tunisia, has reached its total depth at 1140m. Although oil shows were encountered in both the upper and lower Ordovician reservoir units, log analysis indicates that no significant oil saturation is present in these reservoirs at this location. The Oryx-1 well has been drilled substantially under budget and without a time losing incident. \n \nThe well will now be plugged and abandoned, without testing, and the CTF Rig 06 will be moved to commence drilling of Sidi Toui-4, the second well in the current programme. Sidi Toui-4 has been designed as a deviated wellbore which will specifically target resources in the upper Ordovician reservoir unit, the Bir Ben Tartar Formation, of the Sidi Toui structure. Independent expert assessment by Blackwatch Petroleum Services Ltd. indicates a Pmean contingent resource in the Sidi Toui Structure of 161 MMbbls oil, with a 40 per cent. chance of success to a well.\n \nBoth the Oryx-1 and Sidi Toui-4 wells form 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 these two wells, up to US$14.5 million.\n \nGrayson Nash, Executive Chairman commented, \"Oryx-1 was a higher-risk exploration well that disappointed. Fortunately, the data we acquired will be used elsewhere on the block, not least on the next well, which targets a significantly larger reservoir. We are pleased to now focus on the drilling of the Sidi Toui-4 appraisal well, which will spud shortly.\"\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 a chartered petroleum geologist. He is a member of the Society of Petroleum Engineers, the Geological Society of London and the American Association of Petroleum Geologists...