IRG.L Share News (IRG)

LONDON (Dow Jones)--Independent Resources PLC (IRG.LN), a company engaged in the appraisal and development of a number of integrated oil and gas related projects, said Tuesday the exploration well Oryx-1 was spudded Monday. MAIN FACTS: -Well is situated on the Ksar Hadada Permit lying onshore Tunisia which covers an area of 5,608 square kilometers. -Company holds an 18.97% Working Interest. -The Oryx-1 well is one of a two-well drilling program that forms part of the work program that was agreed when PetroAsian Energy Holdings Ltd. farmed into the Permit. -PetroAsian is committed to finance all of the joint venture's work commitments in the current program, including the drilling of the two wells, up to $14.5 million. -The well is being drilled into an Ordovician Bir Ben Tartar Formation oil target and is planned to reach a vertical target depth of a minimum of 1165 meters. -It is envisaged that the Oryx-1 well will take approximately 19 days to drill, subject to operational requirements, at a dry hole cost of approximately $4.35 million. -On completion of the Oryx-1 well, the rig will be moved to the site for the Sidi Toui-4 well to drill the second well in the current program. -Shares closed Monday at 77.5 pence. -By Tommy Stubbington, Dow Jones Newswires; 44-20-7842-9268; tommy.stubbington@dowjones.com (END) Dow Jones Newswires July 20, 2010 02:51 ET (06:51 GMT)