Echo Energy Regulatory News (ECHO)

3 Aug 2009 09:51



Independent Resources plc

('Independent Resources' or the 'Company')

Board Change and Change of Registered Address

Independent Resources plc, the AIM-quoted natural gas and exploration company, announces the resignation of Stephen Staley as a Director with effect from 31st July 2009. Dr Staley will provide part-time consultancy to the Company until 30th June 2010 to assist with the Ksar Hadada project.

Independent Resources announced on 9th June 2009 the successful conclusion of the farm-out deal for Ksar Hadada, an oil and gas exploration permit covering 5,600 square km onshore Tunisia. The transaction transferred a 21.03% interest in the permit to PetroAsian Energy (Tunisia), and removed Independent Resources' financing commitments for the duration of the current phase of the permit - drilling and testing two new exploration wells and acquiring and processing 100km of new 2D seismic data. Independent Resources (Ksar Hadada) Limited will retain an 18.97% interest in the project. 

Independent Resources is currently focused on discussions and planning applications to clear the way for development approvals at its keystone underground gas storage ('UGS') facility at Rivara in Italy's Po Valley, anticipating the project will become a crucial element in Italy's future gas planning. The Company is also moving forward with the planned development of a coalbed methane prospect at Fiume Bruna in industrial Tuscany, and is in the midst of a drilling campaign towards that end.

Independent Resources Chairman Grayson Nash commented: "Steve's contributions to the Company will be greatly missed, but we are fortunate that he will remain available to the company to provide continuity on those projects with which he was most closely associated. We wish him the best of luck in his new endeavours."

Dr Staley commented: "I have thoroughly enjoyed working with Independent Resources through its early years, but with all projects on a firm footing, now is the right time for me to move on to concentrate on other activities. I am confident that the Company has a bright future."

Dr Staley, who is one of the founder shareholders of Independent Resources, with a 13.82% interest in the Company, has in common with the other Directors signed a restrictive orderly market agreement to regulate the sale of any shares until the fifth anniversary of the company's IPO on 12th December 2005. 

The company also announces it will be transferring its registered office to Tower Bridge House, St Katherine's Way, London, E1W 1DD, with immediate effect.