IRG.L Share News (IRG)

LONDON (Dow Jones)--Independent Resources PLC (IRG.LN), an oil and gas company, said Wednesday pretax losses widened by 23% in the six months ended Mar. 31, however it expects to start a two-well drilling and testing program at the Ksar Hadada block in Tunisia in late June or early July. MAIN FACTS: -Revenue nil versus a previous figure of GBP16,408 last year. -Pretax loss GBP163,870 versus GBP133,599 last year. -Loss per share for the interim period: 0.2 p (2008: 0.3 pence). -Net cash at Mar. 31: GBP3.3 million. -Committed 3rd-party funding at subsidiaries as at Mar. 31 2009: GBP5.6 million. -The Company's share of costs for this exploration program is fully funded by the farm-out announced last year. -Cash position amply covers the commitments and the callable funding positions at both Rivara and Ksar Hadada remain strong. -Shares closed at 64.5 pence Tuesday. -By Elliott Ball, Dow Jones Newswires; 44-20-7842-9314; elliott.ball@dowjones.com (END) Dow Jones Newswires June 09, 2010 02:48 ET (06:48 GMT)