LONDON (Alliance News) - Oil firm Independent Resources said it has received a formal notice from Tunisia's Ministry of Industry, Energy and Mines inviting it along with Enterprise Tunisienne d'Activités Pétrolières to submit a revised programme to cover the proposed extended period of the Ksar Hadada Permit for two years up to April 2016.
Enterprise Tunisienne d'Activités Pétrolières is an oil company in Tunisia.
The Ksar Hadada exploration permit covers an onshore area of 2,252 square kilometers in south-east Tunisia. The primary targets on the Ksar Hadada block are the Ordovician Bir Ben Tartar quartzites and the Silurian Acacus Sandstone, sourced by the basal member of the Silurian Tanezzuft Shale, which is the main source rock for North Africa.
Enterprise Tunisienne d'Activités Pétrolières has made an application for Independent Resources to be the operator of the licence with an interest of 86.3% of the product sharing contract for the period of this extension.
"We remain convinced that Ksar Hadada has the potential to be a significant hydrocarbon resource for the State of Tunisia and contribute to the company's stated strategy to build a development led Exploration and Production business in the Mediterranean basin," Chief Executive, Greg Coleman, said in a statement.
The stock was trading at 5.53 pence Thursday morning, up 0.28 pence or 5.2%.
By Anthony Tshibangu; anthonytshibangu@alliancenews.com; @AnthonyAllNews
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