IRG.L Share News (IRG)

Shares in AIM-listed Independent Resources took a tumble on Tuesday morning after a disappointing drilling outcome.The Oryx-1 exploration well, on the Ksar Hadada Permit in Tunisia, has been plugged and abandoned after log analysis indicated there was no significant oil saturation in the reservoirs.As some consolation, the company said the cost of drilling the well was below budget and was completed without a time losing incident."Oryx-1 was a higher-risk exploration well that disappointed. Fortunately, the data we acquired will be used elsewhere on the block, not least on the next well, which targets a significantly larger reservoir. We are pleased to now focus on the drilling of the Sidi Toui-4 appraisal well, which will spud shortly," said Executive chairman Grayson Nash.