Introduction to 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.

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.

Assets and activities

Egyptian oil and gas acreage

East Ghazalat

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.

East Ghazalat 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).

East Ghazalat 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.

Tunisian oil and gas acreage

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Independent Resources, through a wholly owned subsidiary, currently holds a 86.345 per cent interest in the Ksar Hadada exploration permit covering an area of 2,252 square kilometres onshore south-east Tunisia. The company was granted an extension to this permit in August 2014 and its status as the new operator of the permit was confirmed. Future activity will include sidetracking one of the existing wells to perform full production tests after which a decision on the future of this block will be made.

The primary targets on the Ksar Hadada block are the Ordovician Bir Ben Tartar quartzites and the Silurian Acacus Sandstone. Several large oil-prone prospects have been mapped; these are sourced by the Silurian Tanezzuft Shale, which is the most important source rock for North Africa.

Recent light oil discoveries in the Ordovician immediately to the south of the block have now validated the potential of the Ksar Hadada Ordovician prospects. Across the border in Libya very high oil production rates have been achieved on test from multiple Acacus wells, providing added attraction to the Acacus play on Ksar Hadada.

As a result of the extensive remapping work and new seismic acquisition undertaken by Independent Resources and its partners over the last few years, existing prospects have been better defined (Sidi Toui structure) within the Ksar Hadada permit area in the Ordovician Bir Ben Tartar quartzites.

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.

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Rivara underground gas storage facility

Independent Resources has currently deferred its plans to construct a large underground storage (UGS) facility by storing natural gas in a deep, naturally fractured reservoir in Italy's Po Valley. This project remains of interest to the company but until outstanding litigation in the administrative courts is resolved, the company is unable to move forwards and implement next steps.

Underground natural gas storageis a common feature of almost all gas delivery systems and has been used for many decades. It is a well-understood process that is environmentally benign and involves a low-impact physical profile.

Rivara's working gas capacity is estimated at approximately 3.2 billion cubic metres (bcm), which would make it one of the largest gas storagefacilities in Italy and in Europe. Its deliverability is anticipated to be very high, and able to contribute in a substantial way to the market needs. The company anticipates that it will be developed in a commercial partnership, using long term project finance.

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Fiume Bruna and Casoni Coal Bed Methane

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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Our business



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