AIM-quoted Independent Resources plc has received confirmation that exploration rights on the Ksar Hadada oil and gas exploration permit in Tunisia have been extended for a further three years.
The extension follows the completion of work to acquire new seismic and well data which indicate that Ksar Hadada, located in south-east Tunisia, may contain several new prospects in addition to the Sidi Toui and Oryx structures previously known to be present.
The first renewal period for the Ksar Hadada permit will run for three years from 20th April 2008. In line with the Production Sharing Contract, Independent Resources and operator Petroceltic have surrendered 20% of the concession to the State. The permit now covers more than 5,600 square km.
IRG Executive Chairman Grayson Nash said: “We are delighted to have secured continued exploration rights over Ksar Hadada for another three years, especially since our extensive work on the permit has yielded such encouraging results.”
Further work is now planned in the light of the most recent data, and an announcement will be made in due course.
IRG was admitted to AIM in December 2005 and alongside its exploration interests in Tunisia is pursuing an integrated gas business in Italy which includes the Fiume Bruna coalbed methane prospect on the north-west industrial coast, and the strategically-positioned Rivara gas storage facility in the Po Valley. The company is focusing on developing both conventional oil and unconventional gas production, and building a profitable portfolio through wholly-owned initiatives and partnerships.
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