Independent Resources plc was incorporated in June 2005 in the UK to consolidate and fund a number of promising oil and gas projects.
It is an AIM quoted company with expertise in the geology of and operations in the Mediterranean basin. It is focused on acquiring and developing production and low risk exploration opportunities.
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.
Independent Resources, through its joint venture (JV) with Nostra Terra Oil and Gas Company plc, holds a 25 per cent interest (50% to the JV) in the East Ghazalat concession located in the Western Desert region of Egypt, approximately 240 kilometres southwest of the city of Cairo in a platform region over the Sharib-Sheiba high.
Field facilities are located 130 km south south west of El Alamein, a city located on the Mediterranean coast 106 km west of Alexandria.
The Concession is limited to the north by the southwestern extension of the Alamein Basin. The southern part of the concession is situated in the Abu Gharadig and Margin Basins, the former of which holds some of the greatest hydrocarbon potential in the Western Desert of Egypt.
The Concession consists of two development licenses covering approximately 62 km2. There are currently six wells on production producing approximately 880 barrels of oil per day (bopd), based on average June 2015 production levels (440 bopd net to the JV interest).
Gross Company 2P reserves attributable to the JV interest at the effective date of acquisition (30 June 2015) were estimated at 1,008,922 barrels of oil (DeGolyer and MacNaughton Canada Limited estimate).
The concession also includes two gas discoveries mentioned by TransGlobe on 28 August 2013 and 3 September 2014 in North Dabaa 1X and North Dabaa 2X respectively. North Dabaa 1X tested at an average rate of 16 million cubic feet per day (MMCFD) and 1,620 barrels per day of condensate. North Dabaa 2X tested at 18.7 MMCFD and 542 barrels per day of condensate. No reserves have been attributed for these discoveries.
Whilst operations financed by the Company's partners have been inconclusive to date, the company does believe that there is good opportunity on the block and that the current lack of success may in part be due to the way the company’s partners undertook their operations. Any confirmed discovery on the block would be followed-up by a revised Competent Person report, the objective of which would be to provide updated insights into potential recoverable reserves of hydrocarbons from the permit.
The CBM project in Tuscany, Italy is not being pursued any more. Currently the company is involved in the environmental restoration of the drilling site.
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