IRG.L Share News (IRG)

LONDON (Dow Jones)--Independent Resources PLC (IRG.LN), said Tuesday that it has had excellent gas quality and water manageability results from Fiume Bruna 2 well testing MAIN FACTS: -Confirms fairway in the deeper basin -Significant Resource upgrade -Positive resource implications for Casoni -Re-classification as a Shale Gas play rather than Coal Bed Methane. -The company has concluded that the Ribolla Carbonaceous Sequence including the coal and the overlying and underlying shale responds more like a gas shale than a classic high permeability CBM coal. -The company will soon commence a detailed bio-stratigraphy study focused on investigating the geological section drilled last year by the FB1 well. -Depending on the results of this study and the new seismic, a re-entry of the FB1 well (presently suspended with casing at 224 m depth is envisaged. Shares closed Monday at 68.50 pence. -By Razak Musah Baba, Dow Jones Newswires; +44-20-7842-9275; razak.baba@dowjones.com (END) Dow Jones Newswires June 15, 2010 02:26 ET (06:26 GMT)