20th Aug 2015 09:17
LONDON (Alliance News) - Independent Resources PLC Thursday said it has received the results of a survey conducted over the company's Ksar Hadada permit in Tunisia which has identified prospects that would be commercial even in the current downturn in the sector.
The remote sensing hydrocarbon survey, which was carried out by Scoforth Ltd with the aim of identifying hydrocarbons in the subsurface, was completed and delivered on schedule and produced "what are considered to be material hydrocarbon prospects", it said.
"The survey has identified the presence of what are considered to be material hydrocarbon prospects within the permit area. Some of the prospects had not previously been identified by other technologies," said the company. "The results reinforce our belief that there are multiple drillable low risk prospects within the permit."
Importantly, the company said the prospects are economic even in the current downturn in the sector which has seen oil prices plummet from over USD115 per barrel in July 2014 to around USD47 per barrel on Thursday.
The results will be integrated with other data and form the basis of the company's drilling programme.
Still, Independent Resources shares were down 2.4% to 1.02 pence per share on Thursday.
By Joshua Warner; [email protected]; @JoshAlliance
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