Interim Report

About this update from Nativo Resources Plc

RNS Number : 5212F Independent Resources PLC 18 June 2012   Independent Resources PLC Interim report Six months ended 31 March 2012 Highlights Rivara Gas Storage: Regional Earthquake creates uncertain timing for the project Ribolla Gas Basin: Geochemical operations demonstrate coal-derived thermogenic gas is also present in the basin underlying the southern block Ksar Hadada Shale Oil: Block subject to ongoing farm-out discussions, shallow 500,000 acre Silurian oil-shale play under review. Business Development: Sibilla CCS - Significant low-cost CO2 storage site now exclusive S.G. Gas production concession - pending award subject to competition Strategy Review: Major strategy review accelerated in light of Rivara's challenges ·           Net cash at 31 March 2012: £1.65 million ·           Interim loss before taxation: £980,000 (2011: £467,000) ·           Loss per share for the interim period: 2.1 p (2011: 1.0p) Chairman's Statement The October-March period progressed very well. We made fundamental progress on our key natural gas storage project, reached primary project milestones, and commenced a process of partially realizing its value. The Ksar Hadada onshore oil-prone Tunisian block attracted interest from prospective partners and these discussions continue. On the other hand, we were not able however to reach our stated objective of involving a credible partner in our Ribolla gas basin project. The Ribolla resource may therefore have to be proven through our own efforts. After the period end however, an earthquake struck the area in which the Rivara project is situated. We were already in the midst of a strategy review when this happened and we are now taking stock of the challenging new situation for Rivara. Let me briefly explain the likely consequences of these events and the steps we will be taking over the next few months. Rivara In arguably the most important development since our Company's admission to AIM, Italy's Ministry of Environment cleared the project to proceed by way of decree. Whilst we awaited a compromise agreement between the Ministry of Industry and the Emilia Romagna regional government, the Company intended to capitalize on this momentum by realizing some value from a partial sale of the p...

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