18th Aug 2014 07:37
LONDON (Alliance News) - Independent Resources PLC saw its shares briefly top the AIM All-Share index in early trading Monday after the company said that it has secured approval for the extension of the Ksar Hadada licence in Tunisia to 2016.
Shares in the firm were up 9.1% to 3 pence in early trade, making it the second biggest riser on the index.
Independent Resources Ksar Hadada Ltd, a wholly-owned subsidiary of Independent Resources, is to operate the licence. It will have a revised working interest in the production sharing contract for the project of 86.3%. The net risked value of the company's investment in the project is USD227 million.
The licence covers an onshore area of 2,252 square kilometres in south east Tunisia. The project will target the Ordovician Bir Ben Tartar quartzite and the Silurian Acacus sandstone areas.
"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 Independent Resources Chief Executive Greg Coleman.
"We will continue to prepare for shooting seismic and well re-entry and progress discussions with potential farm-in partners," Coleman added.
By Sam Unsted; [email protected]; @SamUAtAlliance
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