Proposed Directors of Tirupati Graphite explain why they have requisitioned an GM. Watch the video here.

Less Ads, More Data, More Tools Register for FREE

Pin to quick picksEcho Energy Regulatory News (ECHO)

Share Price Information for Echo Energy (ECHO)

London Stock Exchange
Share Price is delayed by 15 minutes
Get Live Data
Share Price: 0.0036
Bid: 0.0034
Ask: 0.0038
Change: 0.0001 (2.86%)
Spread: 0.0004 (11.765%)
Open: 0.0035
High: 0.0036
Low: 0.0035
Prev. Close: 0.0035
ECHO Live PriceLast checked at -

Watchlists are a member only feature

Login to your account

Alerts are a premium feature

Login to your account

Update on Fiume Bruna

8 Feb 2010 07:00

RNS Number : 7735G
Independent Resources PLC
08 February 2010
 



Independent Resources plc ("IRG" or the "Company")

Update on Fiume Bruna

 

Operational update on the appraisal of Italy's first

coalbed methane project

 

February 8th, 2010: The Company is pleased to announce an update on the appraisal campaign that is designed to demonstrate commercially-viable natural gas flow from the Fiume Bruna coal seam, located near Grosseto, Italy.

 

Having secured the necessary permits, the Company's wholly-owned subsidiary Independent Energy Solutions ("IES") has begun civil works for the preparation of the Fiume Bruna 2 well site, which marks the official start of drilling operations on this site.

 

A drilling rig has been contracted and will be re-entering and testing a 344m deep borehole previously named Pietra 1, a pre-license stratigraphic well which successfully identified a single seam of gas-active coal and shale approximately seven metres thick. The main purpose of this operation is to evaluate the best means to undertake production testing so as to determine gas and any water flow rates from the gas saturated coal and shale in place. Once site preparation has been completed, drilling operations are expected to last for two weeks.

 

Approximately 66 km of 2D seismic data have been acquired to date over a representative portion of the coal basin to determine the geometry of the coal seam away from the former mining area. This includes the portion shot prior to drilling last year which has since been reprocessed.

 

A regional depositional model has been constructed from the reinterpretation of the stratigraphy of a large number of vintage boreholes, leading to the discovery of a variably thick gas-bearing carbonaceous shale sequence consistently located immediately above and below the coal seam.

 

Independent Resources Chairman Grayson Nash commented: "Fiume Bruna has thrown up a few challenges, not least the discovery in August last year of a thick evaporitic sequence in the deeper part of the basin. This, combined with some bureaucratic procedures and a period of locally heavy rain, has slowed us down. But we now look forward to producing gas and proving this large resource. In addition, our discovery of gas shale in this basin, whose extent we hope to confirm soon, is something we look forward to testing over the next few months."

 

 

The above information has been reviewed and verified by Roberto Bencini, Technical Director of Independent Resources, for the purposes of the Guidance Note for Mining, Oil and Gas Companies issued by the London Stock Exchange in March 2006. Mr. Bencini is a chartered geologist. He is a member of the Society of Petroleum Engineers, the Geological Society of London and the American Association of Petroleum Geologists.

 

For further information contact:

Grayson Nash

Independent Resources plc

+39 06 4549 0720

Allan Piper

Tavistock Communications

07736 064 982

Duncan McCormick

020 7920 3150

Jonathan Wright

Seymour Pierce Limited

020 7107 8000

David Banks

Richard Redmayne

 

 

 

Background details follow:

 

 

The Fiume Bruna exploration permit was awarded to Independent Energy Solutions srl (a wholly-owned subsidiary of IRG) in 2008.

 

The Fiume Bruna permit covers some 247 km2, a large part of which is underlain by virgin coal. This generally occurs in one 7 metre thick seam and was the object of mining activity for many years until forced abandonment of mining in the late 1950s due to the coal's high methane content. The mineworkings only touched one small area of the overall coal deposit leaving the rest as potential CBM-producing areas.

 

The Fiume Bruna licence has an estimated 4.8 billion cubic metres (167 billion cubic feet) of in-place resource, and results from initial testing indicated an estimated recoverable resource of 2.6 billion cubic metres (91.4 billion cubic feet). Longer-term, it also has potential for carbon sequestration, permanently disposing of carbon dioxide (CO2) from nearby sources. At the same time, an estimated additional 1.8 billion cubic metres (63.6 billion cubic feet) of methane would be produced as a result of this injection of CO2.

 

IRG was admitted to AIM in December 2005 and is pursuing an integrated and asset-backed gas trading business in Italy with midstream components in Italy and upstream components within Italy and in North Africa. Along with Fiume Bruna, these include the planned Rivara natural gas storage facility in the Po Valley, and exploration acreage at Ksar Hadada in Tunisia. The Company aims to pursue this long-term strategy in the most environmentally-sustainable way, by whenever possible incorporating from the outset the permanent geological storage of CO2 into its future commodity production and trading. IRG has focused on building a profitable portfolio through wholly-owned initiatives and partnerships.

 

This information is provided by RNS
The company news service from the London Stock Exchange
 
END
 
 
MSCUVAVRRWAURAR
Date   Source Headline
13th Jun 20177:00 amRNSCompletion of £10,000,000 Subscription
12th Jun 20177:00 amRNSAppointment of CEO and VP Exploration
9th Jun 20178:12 amRNSNotice of AGM
6th Jun 20178:51 amRNSHolding(s) in Company
1st Jun 20174:05 pmRNSAudited results year ended 31 December 2016
1st Jun 20177:00 amRNSHolding(s) in Company
31st May 20174:28 pmRNSTotal Voting Rights
30th May 20177:00 amRNSFurther Institutional Funding
25th May 201711:00 amRNSCompletion of Debt Facility
22nd May 20171:42 pmRNSResult of General Meeting
22nd May 20177:00 amRNSHolding(s) in Company
19th May 20173:40 pmRNSSignature of £10,000,000 Institutional Placing
15th May 20177:00 amRNSSignature of First Institutional Funding
5th May 20177:00 amRNSCirc re. allotment authorities and consolidation
2nd May 20171:27 pmRNSTotal Voting Rights
25th Apr 201711:07 amRNSHolding(s) in Company
21st Apr 20174:56 pmRNSHolding(s) in Company
18th Apr 20174:09 pmRNSResult of GM & Successful Conclusion of Open Offer
18th Apr 20177:00 amRNSStrategy, Conditional Funding, Share Consolidation
30th Mar 20173:13 pmRNSBlock Admission, Warrant Exercise and TVR
28th Mar 20177:00 amRNSDirector Appointment Confirmed
24th Mar 201711:37 amRNSWarrant Exercise and Total Voting Rights
20th Mar 201712:59 pmRNSWarrant Exercise and Total Voting Rights
16th Mar 20177:00 amRNSPosting of Circular
14th Mar 20177:00 amRNSOpen Offer, Warrant Exercise, Director Resignation
10th Mar 20171:41 pmRNSHolding(s) in Company
9th Mar 20172:16 pmRNSHolding(s) in Company
8th Mar 20177:00 amRNSHolding(s) in Company & Update on Open Offer
6th Mar 20177:00 amRNSBoard Changes/Investment/Open Offer & Name Change
1st Feb 20179:50 amRNSIssue of Equity
9th Dec 201612:12 pmRNSHolding(s) in Company
7th Dec 20161:12 pmRNSHolding(s) in Company
7th Dec 201611:28 amRNSHolding(s) in Company
7th Dec 20167:00 amRNSPlacing and Conversion of Debt - Update
6th Dec 20167:00 amRNSPlacing and Conversion of Debt
17th Nov 20163:44 pmRNSCommercial Registration
19th Oct 20167:00 amRNSChange of Adviser
18th Oct 201611:52 amRNSHolding(s) in Company
14th Oct 20167:00 amRNSShareholder loan and related party transaction
30th Sep 20163:57 pmRNSUpdate re Loan Facility and Loan Note Settlement
30th Sep 20163:51 pmRNSInterim Report
29th Sep 20167:00 amRNSShareholder loan and related party transaction
28th Sep 20167:00 amRNSSettlement of Loan Note
23rd Aug 20161:18 pmRNSHolding(s) in Company
22nd Aug 20167:00 amRNSHolding(s) in Company
17th Aug 20167:00 amRNSHolding(s) in Company
15th Aug 20167:00 amRNSUpdate on status of Loan Note payable
1st Aug 20167:00 amRNSHolding(s) in Company
25th Jul 20161:19 pmRNSResult of AGM
19th Jul 201611:49 amRNSHolding(s) in Company

Due to London Stock Exchange licensing terms, we stipulate that you must be a private investor. We apologise for the inconvenience.

To access our Live RNS you must confirm you are a private investor by using the button below.

Login to your account

Don't have an account? Click here to register.

Quickpicks are a member only feature

Login to your account

Don't have an account? Click here to register.