About Independent Resources

Independent Resources plc was incorporated in June 2005 in the UK to consolidate and fund a number of promising oil and gas projects.

The company already has a number of assets under development including a major oil prospect onshore Tunisia and a major underground gas storage facility in North-Eastern Italy.

The company has recently brought in a new management team with a mandate from the Board to refresh the company’s strategy and move it into being a focused exploration and production company

The company will have two main focuses:

• It intends to continue to pursue the approach it started with in Italy and exploit the existing portfolio as fully as is practicable in the current environment

• Growing shareholder value by:

- Building a portfolio of production assets in countries around the Mediterranean basin

- Integrating leading edge techniques and technology into the company’s acquisitions to optimise production volumes and improve returns

- Using cash flows from production to build a promising portfolio of well-chosen exploration assets in the same region.

The directors believe that the opportunity exists in the Mediterranean basin for acquisitions of production and believes that the company is well placed to achieve this through:

• a deep understanding of the geology of the area, and applying rigorous geological and geophysical screening of opportunities

• the employment of an active hands on management approach supported by strong operational, commercial and financial disciplines

• excellent knowledge of the local business, economic, political and regulatory environments

• an unshaken commitment to ethical, safe operations coupled with a strong focus on environmental sustainability.

20th September 2015 - Tunisia Update

Independent Resources plc (IRG) wishes to confirm that work continues to identify the prospectivity on the Ksar Hadada Permit onshore Tunisia. The Company is contractor to ETAP and is operator.

The Company has updated its geological work over the past year to increase understanding of the potential on the Permit. This has included reviewing all of the pre-existing wells on the Permit and integrating that work with the existing 2-D seismic. The recently completed RSDD-H satellite survey has identified increased potential on the previous Gazelle prospect and two new leads. Integrating the RSDD-H results with existing seismic and offset wells has confirmed the areas of interest.

No wells have been drilled on Gazelle or the two leads. Further geological and geophysical work is required to identify a location to drill a new well.

The Company continues to seek a partner to fund the work programme for the Permit.

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