LONDON (Alliance News) - Independent Resources PLC on Thursday said an application has been made to extend the Ksar Hadada hydrocarbon exploration permit in Tunisia.
The company said Tunisian national oil company Entreprise Tunisienne d'Activites Petrolieres has, at the request of Independent Resources' contracting subsidiary on the permit, applied for a one-year extension to the permit.
If successful, the new permit would run to August 17.
"We have been engaged in ongoing discussions with ETAP in order to prepare our application for the extension and to advance our scope to target the exploration potential we see in the Acacus," said Greg Coleman, Independent Resources' chief executive.
"We believe the proposed work programme offers greater potential to complete a successful exploration programme on the permit and look forward to receiving CCH approval in order to progress discussions with potential farm-in partners," he added.
Shares in Independent Resources were up 7.1% to 0.09 pence early Thursday.
By Sam Unsted; samunsted@alliancenews.com; @SamUAtAlliance
Copyright 2016 Alliance News Limited. All Rights Reserved.