Business
Well Spud
Well Spud.
About this update from Nativo Resources Plc
[{"type":"text","content":"\n RNS Number : 6904R Independent Resources PLC 26 August 2010 \n \n\n26 August 2010\n \n \nIndependent Resources plc \n(\"IRG\" or \"the Company\")\n \nSidi Toui - 4 (\"ST-4\") Well Spud\n \n \nIndependent Resources plc is pleased to announce that exploration well ST-4 was spudded today, 26 August 2010. The ST-4 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 ST-4 well is the second 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$14.5 million.\n \nThis highly deviated well is being drilled into an Ordovician Bir Ben Tartar Formation oil target and is planned to reach a true vertical target depth of a minimum of 1095 metres and 1627 metres measured depth. It is envisaged that the ST-4 well will take approximately 29 days to drill, subject to operational requirements, at a dry hole cost of approximately US$ 6.14 million. \n \nFurther announcements will be made once the current 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\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 Soci...