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Independent Resources gets green light to develop Ksar Hadada licence onshore Tunisia

18th August 2014

Independent Resources has announced that it has now received formal confirmation that the meeting of the Consultative Commission on Hydrocarbons of Tunisia, held on 7 August 2014, approved the extension of the Ksar Hadada licence to April 2016

Independent Resources gets green light to develop Ksar Hadada licence onshore Tunisia
The immediate priorities for IRG and its partners are engaging in shooting 3D seismic and then preparing for re-entry of one of the existing wells in the Ksar Hadada licence area

Independent Resources Ksar Hadada, a wholesholley owned subsidiary of Independent Resources, has been appointed as the operator of the Ksar Hadada licence with a revised working interest in the production sharing contract of 86.345 per cent.

"While the award of operatorship and our revised working interest in the Ksar Hadada licence has taken somewhat longer than originally envisaged, we are delighted to have received CCH approval,” said Greg Coleman, Independent resources CEO.

“We will continue to prepare for shooting seismic and well re-entry and progress discussions with potential farm-in partners."

The Ksar Hadada exploration permit covers an onshore area of 2,252 square kilometres in south-east Tunisia. The primary targets on the Ksar Hadada block are the Ordovician Bir Ben Tartar quartzite and the Silurian Acacus sandstone, sourced by the basal member of the Silurian Tanezzuft shale, which is the main source rock for North Africa.

An independent third-party evaluation of the permit completed by Blackwatch Petroleum Services in April 2014 estimated gross recoverable resources of 108 million barrels of oil equivalent.

The immediate priorities for IRG and its partners are engaging in shooting 3D seismic and then preparing for re-entry of one of the existing wells in the Ksar Hadada licence area.

A formation micro-imaging study of ST-4 well logging data from 2010 and core data from nearby wells has been commissioned and will provide new data on fracture characteristics including length, density, and porosity, which is important as much of the prospective oil in Ksar Hadada is expected to be recovered from the fracture swarms present.

IRG is in discussions with service providers to finalise tenders for a 3D seismic programme over the key areas of the Ksar Hadada licence identified as most prospective. It is anticipated that the tender process could be completed in the early Autumn of 2014 with seismic acquisition to follow.  Well re-entry could begin in the second quarter of 2015.

The results will assist in choosing the location of the next exploration well on the Ksar Hadada licence.  IRG believes that the availability of seismic data will also be beneficial in increasing the attractiveness of Ksar Hadada as an investment opportunity.

In due course, IRG expects to bring in partners to fund a significant portion of the work programme and is now actively engaging in the necessary process to achieve this.

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