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2013 Strategy

2 Apr 2013 08:30

RNS Number : 2862B
Independent Resources PLC
02 April 2013
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Independent Resources plc

("IRG" or "the Company")

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2013 strategy

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2 April 2013

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The Company is pleased to outline its strategy for 2013.

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Existing portfolio

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With respect to the Company's existing assets, the focus will be on retaining exposure to the upside of the existing portfolio with minimum expenditure; in particular:

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Ā·; San Gervasio- finalise award and bring on stream by the end of the year

Ā·; Rivara- preserve option value while minimizing expenditure

Ā·; Ribolla - secure a farm out partner to conduct phase 1 appraisal

Ā·; Ksar Hadada - secure a farm out partner to drill in 2013/2014

Ā·; Sibilla - study and research as required.

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Target acquisitions

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The Company intends to make acquisitions of oil and gas assets in the Mediterranean basin utilizing its relationships and technical and operational capability focused on:

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Ā·; underdeveloped and de-risked oil and gas fields

Ā·; low cost, onshore and shallow water production and developments

Ā·; assets in Turkey, Egypt, Italy, Tunisia and other Black Sea countries.

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For further information, please visit www.ir-plc.com or contact:

Greg Coleman

Independent Resources plc

0207 583 8292

Allan Piper/Simon Hudson

Tavistock Communications

020 7920 3150

David Porter/Richard Thompson (Corporate Finance)

Seymour Pierce

020 7894 7000

Richard Redmayne/David Banks (Corporate Broking)

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Phil Davies / James Wood (Corporate Broking)

Charles Stanley Securities

020 7149 6074

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This information is provided by RNS
The company news service from the London Stock Exchange
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END
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MSCSSLSMEFDSEIL
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