26th Mar 2014 10:25
LONDON (Alliance News) - Independent Resources PLC Wednesday announced a USD837 million unrisked net present value for its Ksar Hadada permit, onshore Tunisia.
The exploration and development oil firm said a Competent Persons Report carried out by Blackwatch Petroleum Services Ltd showed total oil and gas in place for the site of 639.3 million barrels of oil equivalent
The report showed that, assuming an oil price of USD95 per barrel, the site has unrisked recoverable resources of 107.9 million barrels of oil equivalent at a net present value at a 10% discount rate of USD837 million.
It also showed that the site has a risked recoverable resources of 33.9 million at a net present value at a 10% discount rate of USD263 million.
The report covered the sites two major prospects and attributed a 38% chance of success to its Sidi Toui prospect and a 19% chance of success to its Gazelle prospect.
Independent has held an interest in the site since 2005 and currently holds an 18.97% stake in the licence.
In February, the company applied to apply the period of its Ksar Hadada permit by two years until April 2016 and to increase its interest in the site to 86.345% as operator.
Independent Resources shares were up 17% to 6.00 pence, putting it in the top three AIM risers Wednesday.
By Tom McIvor; [email protected]; @TomMcIvor1
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