Independent Resources PLC
17 February 2006
17 February 2006
Independent Resources plc
Tunisian government approves farm-in agreement
Independent Resources plc, the AIM-quoted international natural gas storage and
exploration company, is pleased to announce that the Tunisian government has
approved the company's farm-in to the highly prospective Ksar Hadada onshore
permit in south-east Tunisia.
The company's wholly-owned subsidiary, Independent Resources (Ksar Hadada)
Limited acquired a 40% interest in the permit during 2005.
Ksar Hadada covers an area of approximately 7000 square kilometres within the
prolific Ghadames basin, where a number of large oil and gas fields have been
discovered in neighbouring Libya and Algeria.
The primary prospect within the permit area is the Sidi Toui structure, where
re-entry and testing of an existing well is planned for later this year. The
block contains several other prospects and leads in addition to Sidi Toui.
These are currently being better defined by reinterpreting existing data in
order to identify potential drilling locations.
Independent Resources Managing Director Steve Staley said: 'We are very pleased
to have received this final approval from the Tunisian government. We believe
that Ksar Hadada is an exciting area within a proven hydrocarbon basin. The
majority of the prospects we have identified are quite shallow, making them
relatively inexpensive to drill and develop.'
For further information contact:
Independent Resources plc:
Stephen Staley, Managing Director +44 (0)1332 865253
+44 (0)7771 838753
First City Financial Public Relations
Ian Foster +44 (0)20 7436 7486
+44 (0)7739 185050
Deloitte Corporate Finance
Jonathan Hinton +44 (0)20 7936 3000
Feilim McCole
This information is provided by RNS
The company news service from the London Stock Exchange