LONDON (Alliance News) - Independent Resources PLC on Thursday said its wholly-owned subsidiary Independent Resources Ksar Hadada Ltd has assumed 100% of the contractor interest in the onshore Ksar Hadada hydrocarbon exploration permit in Tunisia.
The oil and gas company said IRKH is now the sole contractor in the production sharing contract following a successful submission to Entreprise Tunisienne d'Activités Pétrolières and the Ministry of Industry, Energy and Mines, through Direction Générale de l'Energie, to facilitate the withdrawal of its minority partners.
IRKH has requested that ETAP submit an application to DGE for a one-year extension to the Ksar Hadada permit.
"We are pleased to be have increased our interest in the Ksar Hadada permit and will continue to seek a farm-in partner. IRKH will now have greater flexibility to agree new commercial arrangements with interested parties and in the short term will have a reduced administrative burden as sole contractor," Chief Executive Greg Coleman said in a statement.
"Our immediate priorities are to continue planning for the acquisition of 3D seismic, to prepare our drilling programme and to progress discussions with potential farm-in partners. The company is also continuing to seek both debt and equity finance to meet its future financing requirements," he added.
Shares in Independent Resources were trading up 14% at 0.147 pence on Thursday morning.
By Karolina Kaminska; karolinakaminska@alliancenews.com @KarolinaAllNews
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